In the Philippines, Mitsui Fudosan Co. Ltd.'s 8.6 billion-peso 20/80 joint venture project with Rockwell Land Corp. in Katipunan, Quezon City, is expected to generate sales amounting to 15.6 billion pesos, The Philippine Star reported.
About 4 billion pesos of this amount is expected from Arton West, one of the three towers comprising The Arton by Rockwell. The building was launched in July 2017 and delivered 1 billion pesos of sales two months afterward, according to the May 31 report. Inventory for the second tower will officially open in June. The 500-unit Arton North residential building, according to the Filipino developer, has been selling 20% over its budget ahead of the launch.
The 1.9-hectare residential complex marks the Japanese developer's entry into the Philippines' property market. The Philippine Competition Commission-approved development is planned to also provide co-working spaces and a total of 1,700 housing units. Mitsui Fudosan is responsible for the development of the project's residential component.
Meanwhile, stockholders of Rockwell Land met May 30 for their annual meeting, in which plans to expand its landbank to 12% of total assets from 3% were disclosed. For the two-year initiative, the company is looking to spend up to 5 billion pesos of debt and internal funds to buy roughly 284 hectares of land, the publication added.
As of May 30, US$1 was equivalent to 52.54 pesos.
