Mitsubishi Estate Co Ltd has expanded into the Philippines through its partnership with a local developer, ArthaLand Corporation, on the Savya Financial Centre North Tower project.
Located in Arca South in Metro Manila, the building will have 14 storeys on a site area of approximately 6,000 sq m. Excavation works on the project started in January 2019, with construction slated for completion in 2021.
The total floor area of the entire development - comprising both North and South Tower - is about 60,000 sq m, with the North Tower covering 30,000 sq m. The construction of the South Tower is planned to begin in 2020 and it is scheduled for completion in 2022.
Mitsubishi Estate will acquire a 40% stake in the Savya Financial Centre North Tower project - the upper limit based on restrictions on foreign investment in the Philippines’ real estate industry.
“We are honoured to be chosen as the partner by Mitsubishi Estate in their first venture in the country and we stand to gain from their over 100 years’ experience in property development. This partnership will withstand the test of time as both our companies share the same vision of building high quality, sustainable legacies,” said Jaime C. González, vice chairman and president & CEO of ArthaLand.
The development of Arca South has been underway since 2012, which will feature a 74-ha large-scale project including offices, residential housing and commercial facilities. In addition, a large bus terminal and a new subway station will be established in the future according to priority initiatives for infrastructure improvement being undertaken by the government.