MANILA, Philippines - Listed real estate developer IRC Properties Inc. has partnered with a Japanese-backed property firm to fasttrack the development of a vast property in Rizal province.
In a regulatory filing, IRC Properties said it entered into a joint development deal with Tamurakenzai Group units Tamurakenzai Co. Ltd. and T.I. & S. Investments Inc.
The agreement covers the development of a four-hectare housing project to be named Casas Aurora, which is adjacent to the Sunshine Fiesta and Fiesta Casitas subdivisions within a 2,200-hectare property in Binangonan, Rizal.
“This residential project will be the first project that IRC Properties is undertaking as the lead developer,” the firm said.
Tamurakenzai Group will provide an initial amount of $2 million as seed fund for the project which is expected to be completed in two years, IRC Properties said.
Japanese firm Tamurakenzai is into construction and real estate development, completing numerous projects in the Fukushima area. Its affiliate T.I. & S. Investments Inc. is a locally-incorporated firm that oversees investments in the Philippines.
“IRC Properties and Tamurakenzai Group are looking forward to having more joint undertakings, including the development of commercial facilities within the IRC property in Binangonan,” IRC Properties said.
In October, IRC Properties sold 183,729 square meters of the Binangonan property worth P87.27 million to Filipino-Chinese firm Hundred Lake Development Corp. that is backed by the Lek Yuen Group of Nanjing, which claims to be among the top five property developers in Nanjing.