Japan's Mitsubishi Corp. is teaming up with local developer Century Properties Group Inc. to build affordable housing for the emerging middle-class sector in the Philippines under a new 1 billion-peso joint venture, Tokyo's the Nikkei Asian Review reported.

Mitsubishi will own a 40% stake in the partnership that aims to deliver two-story condominiums and detached houses in the suburbs, according to the May 16 report. Within 10 years, the Tokyo-based trading house targets to sell 10,000 housing units yearly and undertake three to five housing development projects annually through the venture.

The partners have sold roughly 1,000 homes in a span of two months in 2017. In the last five years, Mitsubishi participated in the development of nine projects comprising 15,000 homes in other Southeast Asian countries such as Indonesia and Vietnam.

As of May 15, US$1 was equivalent to 52.60 Philippine pesos.