Former Senate President Manny Villar (Photo from his Facebook account)
Villar family-led Vista Land & Lifescapes Inc. (VLL) has teamed up with Japanese real estate developer Mitsubishi Estate Co. Ltd. to develop a high-rise residential condominium along Taft Avenue in Manila.
The partnership is being formed through a 60-40 percent joint venture company between VLL’s high-rise development arm Vista Residences Inc. and MEC’s subsidiary Mitsubishi Estate Residence Co. Ltd. (MER).
This deal will bring to the property market a thousand residential units in a 32-storey skyscraper. It will have seven floors of parking space and one ground floor featuring various commercial establishments.
The project is set to be launched in the first half of 2020, with turnover targeted in the second half of 2024.
This will be the MEC Group’s first residential development project in the Philippines while it will be Vista Residences’ fourth project in the Taft area. The project is part of Vista Land’s “University Series,” a line of condominium developments in high-density, student-oriented locations.
“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,” VLL president and chief executive officer Manuel Paolo Villar disclosed to the Philippine Stock Exchange on Tuesday.