FEDERAL Land Inc., the real-estate arm of Ty-led Metrobank group, has formed a joint venture with Japan-based Orix Corp. (Orix) to develop a P4-billion high-end residential project in Makati City.

The 60-40 partnership will put up a two-tower, 500-unit condominium, called The Grand Midori Makati, in a 3,900 square meter property owned by Metrobank.

Construction would begin in 2009 and completion is expected by 2011. The units would carry a price tag of between P4 million and P12 million.

“Apart from the local upscale market, we also plan to tap the Japanese market for this project,” said executive vice president and general manager Luis E. Icasiano.

Alfred Ty, a son of tycoon George Ty and president of Federal Land, meanwhile said the partnership with Orix is just among several joint ventures Federal Land intends to pursue with multinational corporations.

“Our group really believes in the benefit of forming joint ventures. We did that with car distribution as well as some banking matters and we want to follow that same model in Federal Land. It’s good to gather expertise and learn from synergies brought about by partnerships,” he told reporters.

Partnerships could work well particularly in a booming property industry like what the Philippines is now experiencing, he added.

Federal Land is also intends to develop its 10-hectare property inside the Bonifacio Global City, putting up a hotel there beginning in the second quarter of 2008.

Likewise, it is building three office towers designed to accommodate companies in business process outsourcing, or BPO, within its Metropolitan Park property in Pasay City.

Ty said each tower will have a gross floor area of 65,000 square meters (sqm) and a leasable area of 55,000 sqm.

“The first building, which is a six-story structure, will be completed June next year,” he said.           

Federal Land would spend P2 billion for the BPO towers.

It will also allot P4 billion to build a three-tower complex within the Bay Garden community in Metropolitan Park next year. The complex will have residential units, full-service apartments, restaurants and wellness and sports facilities.

Federal Land is setting aside a capital expenditure of P5 billion for 2008, a chunk of which will go to residential projects.

Its 250-hectare landbank is mostly within Metro Manila.

FEDERAL Land Inc., the real-estate arm of Ty-led Metrobank group, has formed a joint venture with Japan-based Orix Corp. (Orix) to develop a P4-billion high-end residential project in Makati City.

e-Telecare debuts in RP bourse

TRADING the first time in the Philippine market, e-Telecare Global Solutions Inc. closed at P395 per share Tuesday, down from an opening price of P400.

PHILIPPINE stocks fell the most in a month Tuesday, sending the index to the lowest in eight weeks, after the number of economists expecting a recession in the US increased and confidence among homebuilders stayed at a record low in the world’s biggest economy.

GLOBE Telecom and unit Innove Communications Inc. said that they did not violate the conditions set forth in their permits, contrary to accusations hurled at them by competitor Pilipino Telephone Corp. (Piltel).