DMCI Corp. and Marubeni Corp. are set to launch a joint residential condominium project in the first quarter of 2024, the two companies announced on Tuesday.
In a statement, DMCI said it had signed a memorandum of understanding with the Japanese trading company for the development of The Valeron Tower, a single dual-wing condominium that will rise along C5 E. Rodriguez, Jr. Avenue in Pasig City.
“We have fostered a strong relationship with DMCI built on mutual trust. Considering the longevity of our partnership, we anticipate that this business venture will also be long-term. This is just a kickoff,” Shigeru Shimoda, president and chief executive officer of Marubeni, said in a statement on Tuesday.
Marubeni is also keen on expanding its operations into the country’s real estate sector, Marubeni Overseas Real Estate Business Department Senior Manager Shinya Matsuo said.
The company sees the Philippines as an attractive market for business expansion, he said, citing the country’s “favorable” demographic trends.
“Our collaboration extends beyond project completion. By leveraging our real estate related business expertise accumulated both in Japan and internationally, we envision a long-term commitment that extends business collaboration between DMCI Homes to include asset management, property management, and building management,” said Noritake Miyaguchi, Marubeni’s general manager for overseas real estate business.
Further, Alfredo R. Austria, president of DMCI Homes, said the tie up between DMCI and Marubeni is expected to enhance the quality of residential condominiums by combining the expertise of the two entities.
“Our collaboration signifies a joint commitment to further enhancing quality living and providing innovative home solutions for homebuyers in the Philippines,” he said. — Ashley Erika O. Jose
