Mitsubishi Estate taps Philippine office property market
MANILA, NNA - Major realtor Mitsubishi Estate Co. will develop an office building in the Philippines in its first foray into the country, joining other Japanese companies in capitalizing on strong local demand for office space.
Mitsubishi Estate will take a 40 percent stake in the office development project led by local developer Arthaland Corp., the maximum ownership level for foreign firms, Mitsubishi spokeswoman Eri Kitera told NNA on Wednesday, declining to reveal how much the investment would cost.
The Tokyo-based developer will build the northern part of the Savya Financial Center twin office tower in the Arcasouth area of Taguig, a Manila suburb, by the end of 2021.
The site of the 14-story building, with a combined floor space of some 30,000 square meters, is 7 kilometers from Manila Ninoy Aquino International airport and within 10 km of the business center of Makati and Taguig, according to a statement released Wednesday.
The Manila metropolitan area, popular among such businesses as information technology subcontractors and online casino operators, has attracted other Japanese developers, including trading giant Mitsubishi Corp.
The trader invested in a 4.5 billion-peso ($86 million) project in Makati to develop a 35-story office building with a floor space of about 61,000 square meters that is set to open next month, an official of Mitsubishi Corp. told NNA. (NNA/Kyodo)