1. Home
  2. Press release
May 16, 2018 10:41 JST

Source: Mitsubishi Corporation

Mitsubishi Corporation Establishes New Housing Developer in the Philippines

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.

Contact:
Mitsubishi Corporation
Telephone:+81-3-3210-2171
Facsimile:+81-3-5252-7705
Source: Mitsubishi Corporation
Sectors: Real Estate & REIT

Copyright ©2024 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.

Related Press Release

Mitsubishi Corporation Announces Participation in a DAC Project in Louisiana, USA
April 16 2024 13:36 JST
 
Mitsubishi Corporation Announces Completion of Capital Raise by Nexamp
April 11 2024 12:07 JST
 
Mitsubishi Corporation: Sale of BMA Coal Assets in Queensland Completed
April 03 2024 18:05 JST
 
Fujitsu signs MoU with Mitsubishi UFJ Financial Group, Inc. to drive nature positive actions
April 01 2024 15:17 JST
 
Mitsubishi Corporation and 7 large international companies join forces to sponsor the creation of a global e-NG coalition
March 19 2024 15:40 JST
 
Nissan and Mitsubishi Corporation agree to explore new business in next-generation-mobility and energy-related services utilizing EVs
March 18 2024 16:29 JST
 
Mitsubishi Corp to invest in TIER IV: Transforming regional mobility with autonomous driving
March 15 2024 11:36 JST
 
Mitsubishi Corporation: Participation in PAK Lithium Project in Canada
March 05 2024 15:57 JST
 
Mitsubishi Corporation Expands its Data Center Presence with Entry into US
March 04 2024 14:27 JST
 
Mitsubishi Corporation's Sale of Exportadora de Sal, S.A. de C.V., a Salt Production Company in Mexico
February 26 2024 13:29 JST
 
More Press release >>

Latest Press Release


Mitsubishi Heavy Industries and NGK to Jointly Develop Hydrogen Purification System from Ammonia Cracking Gas
Apr 18, 2024 17:01 JST

Toyota Launches All-New Land Cruiser "250" Series in Japan
Apr 18, 2024 13:39 JST

Fujitsu and Oracle collaborate to deliver sovereign cloud and AI capabilities in Japan
Apr 18, 2024 11:14 JST

Eisai: Research on Treatments for Alzheimer's Disease Based on Its Pathological Mechanisms Recieves Award for Science and Technology (Research Category)
Apr 18, 2024 10:53 JST

All-New Triton Confirmed as First Double-Cab Pickup Truck to Achieve 2024 Five-Star ANCAP Safety Rating
Apr 18, 2024 09:22 JST

Eisai's Antiepileptic Drug Fycompa Injection Formulation Launched In Japan
Apr 17, 2024 16:17 JST

Honda Unveils Next-generation EV Series for China
Apr 17, 2024 12:15 JST

Lexus presents Time at the 2024 Milan Design Week
Apr 16, 2024 18:49 JST

Mitsubishi Corporation Announces Participation in a DAC Project in Louisiana, USA
Apr 16, 2024 14:36 JST

New circuit challenge for TOYOTA GAZOO Racing
Apr 15, 2024 17:21 JST

TOYOTA GAZOO Racing back on asphalt for Croatian challenge
Apr 12, 2024 19:36 JST

Heidelberg Materials North America Announces Latest Milestone in Edmonton CCUS Project
Apr 12, 2024 14:39 JST

MHIAEL Completes Expansion of the its Nagasaki Plant for Manufacture of Aero Engine Combustors
Apr 11, 2024 18:08 JST

Mitsubishi Shipbuilding Acquires Approval in Principle (AiP) from Classification Society ClassNK for Ammonia Fuel Supply System (AFSS)
Apr 11, 2024 17:50 JST

DOCOMO, NTT, NEC and Fujitsu Develop Top-level Sub-terahertz 6G Device Capable of Ultra-high-speed 100 Gbps Transmission
Apr 11, 2024 15:10 JST

Mitsubishi Corporation Announces Completion of Capital Raise by Nexamp
Apr 11, 2024 13:07 JST

Mitsubishi Shipbuilding Receives Order for Ammonia Fuel Supply System for Ammonia-Powered Marine Engine
Apr 10, 2024 16:55 JST

Transgene and NEC Present First Clinical Benefits of Neoantigen Cancer Vaccine, TG4050, in Head & Neck Cancer at AACR 2024
Apr 10, 2024 13:36 JST

DENSO, Companies Initiate Demonstration to Expand Automotive Recycling Process
Apr 09, 2024 19:07 JST

Mitsubishi Power Receives Order from HK Electric for Natural-gas-fired GTCC Power Generation Equipment
Apr 09, 2024 15:04 JST
 More Latest Release >>