Japanese developer Mitsubishi Estate, Villar Group team up for condo project

Mitsubishi Estate Co. Ltd. (MEC), an affiliate of Japanese conglomerate Mitsubishi Corp., is making its foray in the Philippines’ residential market through a partnership with the Villar Group.

Villar-owned property developer Vista Land & Lifescapes Inc. (VLL) has patnered with MEC, a leading comprehensive real estate developer in Japan.

VLL chairman Manuel Villar Jr. said the partnership brings together two of the largest real estate firms from different parts of Asia.

“Our strong track record of over 40 years in residential and commercial development nationwide, together with the MEC Group’s comprehensive spectrum of businesses in diverse fields related to real estate, will create a high-rise condominium which reinforces our vision of offering homes that foster good relationships and building communities that answer the needs of Filipino families,” Villar said.

A 60:40 joint venture company has been formed between VLL’s vertical development arm Vista Residences Inc. (VRI) and MEC subsidiary Mitsubishi Estate Residence Co. Ltd. (MER) to develop a mixed-use, high-rise condominium along Taft Avenue, Manila, said VLL president and chief executive officer Manuel Paolo Villar said.

“This joint venture is a testament to the increasing trust and confidence of customers and investors alike in Vista. It highlights our growing profile not just with buyers, but also with existing and potential partners, both here and abroad,” Villar said.