Federal Land eyes new partnership with a foreign firm

MANILA, Philippines - Following its partnership with a Japanese company for an upscale condominium project in Makati City, Federal Land Inc., the property development arm of the Metrobank Group, is looking to do a new joint venture with another Asian company for a mixed-use residential and commercial project. In an interview, Alfred Ty, Federal Land president, said the company is set to announce the partnership within the year. “It will be a partnership with another Asian company. It will be for a mixed-use complex," he said. Ty refused to divulge more details, saying the company will soon make an announcement about the deal. Following its joint venture with Orix Corp., which is listed both in Tokyo and New York, Ty earlier told reporters that Federal Land was eyeing partnership with other multi-national firms “in the field of residential, office building, and hotel development, among others". Federal Land and Orix last eyar announced that they will be jointly building the P4-billion “The Grand Midori Makati" project, which will have two towers, 500 units in 35 storeys and will occupy 3,900 square meters along Legazpi Village, Makati City. The condominium, which will have one-bedroom to three-bedroom and floor area of 40 square meters to 200, square meters, will be sold at P4 million to P12 million per unit. - GMANews.TV