TOKYO, May 16, 2018 - (JCN Newswire) - Mitsubishi Corporation (MC) is pleased to announce its agreement with Century Properties Group, Inc. (Century), a prominent real estate enterprise in the Philippines, to establish a new joint venture, PHirst Park Homes (New Company). The New Company will develop affordable housing communities in the Philippines at suburban locations with convenient access to existing employment hubs.
The New Company will be formed following the success of an initial joint project, through which MC and Century were able to find synergies for leveraging their respective strengths in real estate development. Through its 40% ownership, MC will contribute management and project development expertise as well as introduce Japanese materials and technology to the project while Century, with 60% ownership, will bring to the partnership its vast experience and successful marketing strategies in the Philippine real estate industry.
With a target to supply 10 thousand units annually by launching 3 to 5 projects every year at key locations in the Philippines, The New Company aims to satisfy the growing needs of predominantly first-time homeowners for affordable housing by supplying high-quality but reasonably priced homes mainly ranging from 3 to 5 million yen.
The high economic growth rate of the country these past years has led to a rapid increase in the flow of population into urban areas. This led to housing shortages accompanied by a steep rise in prices and so, providing housing solutions became a major priority for the Philippine government.
MC has previously participated in some nine projects across ASEAN and supplies approximately 15,000 housing units in the region. Through such real estate and urban development initiatives, MC consistently fulfills its goal to simultaneously generate economic, environmental and societal values.
About Mitsubishi Corporation
Mitsubishi Corporation (MC; TSE: 8058) is a global integrated business enterprise that develops and operates businesses across virtually every industry, including industrial finance, energy, metals, machinery, chemicals, and daily living essentials. MC's current activities have expanded far beyond its traditional trading operations to include investments and business management in diverse fields including natural resources development, manufacturing of industrial goods, retail, new energy, infrastructure, finance and new technology-related businesses.
With over 200 offices and subsidiaries in 90 countries and regions worldwide and a network of approximately 1,300 group companies, MC employs a multinational workforce of over 70,000 people.
For more information, visit https://www.mitsubishicorp.com/jp/en/
May 16, 2018 09:41 HKT/SGT
Source: Mitsubishi Corporation
Mitsubishi Corporation (TSE: 8058)
Topic: Press release summary
Sectors: Real Estate
From the Asia Corporate News Network
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