MANILA, Philippines – Boutique property developer Arthaland Corp. has teamed up with Japanese real estate giant Mitsubishi Estate Co. Ltd. (MEC) to develop a two-tower office condominium hub, Savya Financial Center in Arca South.
The two companies agreed to create a joint venture company which will be 60 percent owned by Arthaland and 40 percent owned by MEC, based on Arthaland’s disclosure to the Philippine Stock Exchange on Monday.
MEC is one of the largest real estate developers in Japan with a substantial portfolio of properties mainly in the Marunouchi central business district of Tokyo.
The joint venture will in turn hold a 50 percent equity interest in Savya Land Development Corp. (SLDC), the registered owner of a property in Arca South, Barangay Western Bicutan, Taguig City, which will be developed jointly with the adjoining property registered in the name of Arcosouth Development Inc.
This development will become Savya Financial Center, which will cater to the business process outsourcing (BPO) market and other locators.
The board approved the proposed merger of SLDC with Arcosouth, with SLDC as the surviving entity. /gsg