DMCI Homes, the property unit of the Consunji Group, teamed up with Japan’s Marubeni Corp. to develop a condominium project in Pasig City.
President Ferdinand Marcos Jr. witnessed the signing of the memorandum of understanding by the two companies in Tokyo at the sidelines of the Association of Southeast Asian Nations (ASEAN)-Japan Summit.
The project, called Valeron Tower, is a 55-story residential condominium along E. Rodriguez Jr. Ave. that would offer 1,962 residential units.
It is set to become Marubeni’s flagship real estate investment in the ASEAN region, according to Marubeni Corp. Overseas Real Estate Business Department senior manager Shinya Matsuo.
The project is targeted for launch in the first quarter of 2024.
Matsuo said that as Marubeni is focused on expanding into the Philippine real estate sector, it identified DMCI Homes as the ideal partner because of the latter’s construction expertise, product differentiation and a strong sales team.
“We conducted market research over the years, and as a conclusion, we found DMCI Homes to be the best partner,” he said.
DMCI Homes president Alfredo Austria said the collaboration signifies a significant step in merging DMCI Homes and Marubeni’s areas of expertise.
“Our collaboration signifies a joint commitment to further enhancing quality living and providing innovative home solutions for homebuyers in the Philippines,” Austria said.
DMCI Group has several partnerships with Marubeni including the LRT Line 2 East Extension Project, Maynilad Water Services Inc. consortium and recent initiatives in reforestation and plantation development in Negros Occidental.
“We have fostered a strong relationship with DMCI built on mutual trust. Considering the longevity of our partnership, we anticipate that this business venture will also be long-term. This is just the kickoff,” said Marubeni Philippines Corp. president and chief executive Shigeru Shimoda.
Among those who attended the MOU signing were DMCI Holdings Inc. chairman Isidro Consunji and Marubeni executive officer and chief operating officer of finance, leasing and real estate business division Taro Kawabe.