Rockwell Land Corporation formally signed a joint venture agreement with Japan’s largest comprehensive real estate company, Mitsui Fudosan Co., Ltd., to develop the residential component of its project in Quezon City called The Arton by Rockwell. The partnership will give Mitsui Fudosan a 20% equity stake in the P9-billion project.
Present at the contract signing in Makati were Rockwell chairman Ambassador Manuel M. Lopez, Rockwell president and CEO Nestor J. Padilla, Mitsui Fudosan executive managing officer and chief operating officer Akihiko Funaoka and Mitsui Fudosan (Asia) executive director and residential team head Tomoo Nakamura.
Padilla said: “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.”
The Arton, Rockwell’s newest high-end residential community located in Katipunan, is a 1.9-hectare property that will have three towers at 24, 28 and 34 storeys, respectively. The development will have 1,700 units comprised of studios up to three-bedroom units with unit sizes ranging from 27 square meters to 103 square meters.
The first tower, Arton West, was officially launched on July 29, 2017
The Arton is set to elevate quality living within the area as there is no existing development that offers the complete package of comfort, convenience and peace of mind for the end-user segment. It will feature as much as 80% open space which will be exclusively enjoyed by its residents.
The Arton is also Rockwell’s first project that will have coworking spaces as an amenity for each tower
The Mitsui Fudosan Group, which has its headquarters in Tokyo’s Nihonbashi district, is focused on developing, leasing, selling and managing a diverse portfolio in various asset categories.
The signing of the agreement as well as 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. (Story/Photos by: Tracey Castillo)