Arthaland Corp has signed a joint venture agreement with Japan’s Mitsui Fudosan Co. Ltd. to develop a high-rise residential condominium in Makati City.
Under the agreement, Mitsui Fudosan local unit SEAI Metro Manila One Inc (SEAIMMO) will acquire a 40-percent interest in Arthaland subsidiary Zileya Land Development Corp. for P304 million. Arthaland will retain the remaining 60-percent stake in Zileya Land.
The deal aligns with Arthaland’s strategy of inviting strategic partners to broaden its access to capital while expanding its development portfolio.
The company said the transaction allows Zileya to benefit from its deep local experience in sustainable projects and the global expertise of Mitsui Fudosan.
Zileya Land, incorporated in 2015, serves as the investment vehicle for a residential project located along Arnaiz Avenue in Legaspi Village.
Arthaland, owned by the Po and Gonzalez families, maintains a portfolio of office and residential properties that are 100 percent green and eco-friendly.
The developer previously announced plans to launch high-end residential projects in Laguna, Makati and Quezon City.
In a separate expansion move, Arthaland unit Furusato Land Corp. recently acquired 14 parcels of land along Banilad Road in Cebu City for P2.51 billion.
