November 5, 2013
Mitsubishi Corporation to Launch New Real Estate Development Project in the Philippines
Mitsubishi Corporation (MC) is pleased to announce the launch of a new condominium development project in Metro Manila, the national capital region of the Philippines. The project is based on a tie-up with Alveo Land Corporation (Alveo), one of the top residential developers in the country.
MC and Alveo plan to develop high-rise condominium towers in Ortigas Center, one of the prime business districts in Metro Manila, where the Asian Development Bank’s headquarters are located, through a joint venture company formed with a shareholding ratio of 40% (MC) and 60% (Alveo). By combining Alveo’s rich and extensive local expertise with the know-how MC has gained from real estate developments in Japan, the project aims to add value to the housing market and raise the quality of residential housing products in the Philippines.
With this project as a first step, MC is proactively seeking to capitalize on Japan’s advanced technologies and sophisticated product planning as a part of its strategy for creating product differentiation and expanding into the growing real estate development markets of South East Asia, including in the Philippines.
Alveo, which has been offering upscale condominiums for the upper-middle household segment in the Philippine, is a wholly owned subsidiary of Ayala Land, Inc., a top real estate company which falls under the Ayala Group, one of the largest conglomerates in the Philippines. Ayala Group and Mitsubishi Corporation, now celebrating the 40th anniversary of their strategic partnership, have established and maintained many joint ventures in various business fields, ranging from the development of industrial parks and water supply infrastructure to businesses in the automobile industry.
The Philippines has recorded remarkably high economic growth among South East Asian nations in recent years, due largely to growth in the BPO (business process outsourcing) industry and the continuing “demographic dividend” that has resulted from an increasing younger labor force, together with stable inward remittances from overseas Filipino workers (OFW). It is our expectation that Japan’s advanced technologies and real estate development know-how will become a valuable aspect of efforts to satisfy the growing demand for quality products among the rapidly growing upper-middle income population.
(1) Mitsubishi Corporation
1. Head office: 3-1, Marunouchi 2 Chome, Chiyoda-ku, Tokyo, 100-8086 Japan
2. Year established : 1950
3. Business: Global Environment & Infrastructure; Energy; Metals;
Industrial Finance, Logistics & Development; Machinery;
Chemicals; and Living Essentials; Business service Group.
4. Representative: Ken Kobayashi, President and CEO
(2) Alveo Land Corporation
1. Head office: Taguig City, Metro Manila, the Philippines
2. Year established: 1995
3. Business: Development of upscale condominiums and corresponding commercial properties
4. Representative: Robert S. Lao, President
5. Shareholders: Ayala Land,Inc.100%
(3) Ayala Group
Ayala Group is one of the oldest and largest business conglomerates in the Philippines established in 1834. Under the holding company Ayala Corporation, Ayala group today takes leadership positions in real estate development, banking and financial services, telecommunications, electronics and information technology, water infrastructure development and management, and business process outsourcing, and new investments in power, renewable energy, and transportation infrastructure.
Inquiry RecipientMitsubishi Corporation
Telephone:+81-3-3210-3065 / Facsimile:+81-3-5252-7705