By Roderick L. Abad & Catherine N. Pillas
AN 11-hectare township project in Dasmariñas, Cavite, will soon commence, with an initial capital outlay of P656 million, as per the joint-venture agreement officially signed between local real-estate company PA Alvarez Properties and Development Corp. (PA Properties) and Japan-based Hankyu Realty Co. Ltd. (Hankyu Realty) at a hotel in Makati City on Wednesday.
“It is the highlight of nearly two years of hard work and relationship building between Hankyu Realty and PA Properties,” PA Properties Chairman Romarico Alvarez said during his speech. “This partnership will help us contribute to address the more than 5 million housing backlog in the Philippines.”
The joint venture is the first phase of the 37 hectares in total property development. Located in Barangay San Agustin, this horizontal project will have a total of 868 housing units—403 are detached and 465 are townhouses. It is expected to be completed by August 2022. Two more phases will then follow.
A joint company would be formed for this undertaking, PA Properties President Jonathan Lu said, though it has no definite name yet.
“Right now it is still under discussion, but it looks like the joint venture will be named PA Properties-Hankyu 1,” he said. “Take note, this is Hankyu 1. We’re hoping there’s going to be Hankyu 2 [and] Hankyu 3.”
Hankyu Realty President and CEO Ryuichi Morotomi hoped this partnership would “provide good housing for the working people in the Philippines, while continuing to support the growth of the Philippine economy.”
“To achieve that, we will strive to use our existing knowledge and apply our know-how to this venture,” he added.
Alvarez said their project would help the company expand their operations geographically as it aims to build 15,000 more residential units in Northern Luzon, the Visayas and Mindanao in the next five years.
Established in 1993, PA Properties is a homegrown real-estate firm focused on providing low- to medium-cost residential houses in Pampanga, Bulacan, Cavite, Batangas, Laguna and Metro Manila.
The company has so far finished and developed projects in 190.2 hectares, with 17,065 dwelling units sold. For 2016, it generated P3.078 billion in sales.
For its ongoing project, PA Properties has so far developed 141.4 hectares of estates, selling 6,417 housing units with a sales value of P6.3 billion.
Headquartered in Osaka, Hankyu Realty is part of the Hankyu Hanshin Holdings Inc. This Japanese company has developed around 60,000 units of real estate and houses, and around 20,000 units of condominiums under the brand Geo. The company plans to expand in other Southeast Asian countries.
With Faye Almazan
Image credits: Roy Domingo
1 comment