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Federal Land, Orix of Japan form P1-B joint venture |
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Tuesday, 25 December 2007 23:15 |
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{mosimage}Federal Land Inc., the real estate development arm of the Metrobank Group, and Japanese financial services arm Orix Corp. have formed a P1-billion joint venture company to serve as the vehicle for its proposed residential projects. The new company called Federal Land Orix Corp. has applied for business registration with the Securities and Exchange Commission (SEC). For its maiden project, Federal Land Orix is putting up a high-end twin residential tower on a 3,900- square meter property along Legaspi St. To be called Grand Midori Makati, the new building, estimated to cost around P4 billion, will comprise 500 units priced at between P4 million and P12 million.
Construction of Grand Midori will commence in 2009 and is slated for completion by 2011. The property is owned by financial services giant Metrobank of taipan George S.K. Ty. Federal Land Orix is also considering undertaking a residential project in Fort Bonifacio, where Metrobank owns a 10.4-hectare property. Federal Land has budgeted P5 billion next year for the establishment of top of the line office buildings and new residential condominium buildings. Among Federal Land’s ongoing projects include a three tower office building on a 1.5- hectare property within the Metropolitan Park in Pasay City, estimated to cost about P2 billion. Each tower will have a gross floor area of 65,000 square meters and a leasable area of 55,000 square meters. The first tower, which is expected to be completed in June 2008, will offer 10,000 square meters of office space and will be registered with the PEZA. Federal Land is also studying the possibility of developing BPO buildings within the Marquinton Residences in Marikina and Fort Bonifacio in Taguig. Federal Land is set to complete the masterplan for a 25 hectare property in the northern portion of the Bonifacio Global City by the end of the year. Of the total, 10.4 hectares belong to Fedland. The property will be converted into a high-end mixed-use township with residential, commercial, retail, office building and hotel developments. Aside from this, Fedland is developing a P4 billio three tower complex within the Bay Garden community in Pasay City which will include residential units, full-serviced apartments, and an athletics club . The company is also set to embark on its first horizontal development project which would be in Cavite. Fedland’s project portfolio includes Bayview International Towers and Ocean Tower along Roxas Boulevard; Valencia Hills in the heart of San Juan and Quezon City; Oriental Gardens and Skyland Plaza in Makati City. The company also developed the PSBank Tower and the GT Tower International along the Makati Central Business District, as well as ongoing property development in the Metropolitan Park along the Manila Bay waterfront.
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