Villar Group, Mitsubishi Estate to expand partnership

MANILA, Philippines — The Villar Group will expand its partnership with Mitsubishi Estate Corp. (MEC), according to tycoon Manuel Villar Jr.

Villar, who joined President Marcos’ visit to Tokyo, Japan signed an agreement with MEC as part of the Philippine business delegation, along with other tycoons.

“As part of the business delegation, I signed an agreement with our Japanese counterpart, Mitsubishi Estate, among the 35 letters of intent and agreement signed during this very productive trip,” Villar said.

No details were immediately available on the newly-signed agreement.

In 2020, MEC, an affiliate of Japanese conglomerate Mitsubishi Corp., entered the Philippine residential market through a partnership with the Villar Group.

The Villar Group’s Vista Land & Lifescapes Inc. (VLL) said the partnership brings together two of the largest real estate firms from different parts of Asia.

The two companies have formed a 60:40 joint venture that will develop a mixed-use, high-rise condominium along Taft Avenue, Manila.

The project caters primarily to the expanding academic community in the Taft University Belt, which is home to 100,000 collegiate and post-graduate students, faculty members, and administrative personnel and with at least 13 universities and colleges over a four-kilometer stretch.

It is also strategically located in close proximity to various schools, hospitals, commercial centers, and public transportation including the Vito Cruz LRT station.

This marked the MEC Group’s first residential development project in the Philippines.

It is also VRI’s fourth project in the area of Taft and is part of the company’s rapidly growing University Series, a line of vertical developments in high-density, student-oriented locations.

The condominium offers over 1,000 residential units spanning 32 stories, plus seven floors of parking spaces and one ground floor featuring various commercial establishments.

Proponents are aiming to turn over the project in the second half of 2024.

MER director and senior managing executive officer Yutaro Yotsuzuka said the company hopes to explore more partnerships with Vista Land.

Vista Land has established presence all over the Philippines, while the MEC Group boasts of a diversified portfolio that has expanded to international markets including the US, UK, Australia, and other countries in Asia.