Rockwell, Mitsui to build P9-b QC towers.
Property developer Rockwell Land Corp. teamed up with Mitsui Fudosan Co. Ltd., Japan’s largest comprehensive real estate company, to develop a P9-billion residential project in Quezon City.
Rockwell said in a statement it signed a partnership agreement that would give Mitsui Fudosan a 20-percent interest in the residential development called The Arton by Rockwell.
“We are honored that Mitsui Fudosan chose to partner with us in their first foray in the Philippines and we hope that this will be the beginning of a long and fruitful partnership with them,” Rockwell Land president Nestor Padilla said.
The signing of the agreement and the consummation and implementation of the transaction shall be subject to securing the necessary regulatory approvals, which includes the approval of the Philippine Competition Commission.
The Arton, Rockwell’s newest high-end residential community in Katipunan, is a 1.9-hectare property that will have three towers at 24, 28 and 34 stories, respectively.
The development will have a total of 1,700 units comprised of studios to three-bedroom units with unit sizes ranging from 27 square meters to 103 square meters.
The first tower, Arton West, will officially be launched on July 29, 2017.
The property firm said The Arton would elevate quality living within the area, as there was no existing development that offered the complete package of comfort, convenience and peace of mind for the end-user segment. It will feature as much as 80 percent open space which will be exclusively enjoyed by its residents.
The Arton is also Rockwell’s first project that will have co-working spaces as an amenity for each tower, enabling residents to convene at their convenience without having to go elsewhere.
Headquartered in Tokyo’s historic Nihonbashi district, the Mitsui Fudosan Group is focused on developing, leasing, selling and managing a diverse portfolio in various asset categories including retail, office, residence, hotel and logistics.
With overseas business as one of its growth areas, it currently has residential projects in the US, the UK, Taiwan, China, Malaysia, Singapore, Thailand and Indonesia.