Fil-Estate unit partners with Korean firm for Pasig project

A subsidiary of listed Fil-Estate Land Inc. has partnered with a Korean company for the development of a new condominium project at the Renaissance center in Pasig City. In a statement to the Philippine Stock Exchange, Fil-Estate Land said Fil-Estate Properties Inc., signed on August 24 a memorandum of agreement with Woolim Construction Co., Ltd, a Korean construction firm, to jointly develop a 24-storey condominium project to be called the Renaissance 5000. "It is the fourth condominium project of Fil-Estate Land to be constructed in the Renaissance Center wherein buildings are wrapped around a center 3-storey podium structure which includes amenities such as swimming pool, gyms, tennis courts, cafe, wine store, salon and convenience stores," the company said. All three other buildings in the Center have already been completed and turned over to buyers. The new condominium project is adjacent to a Korean school still under construction. "Other terms and details of the joint venture are to be firmed within a 90-day period," the company said. Fil-Estate has earlier also entered into a partnership with Megaworld Corp., another listed company, for a 731-hectare residential resort community in Laurel, Batangas. - Cheryl Arcibal, GMANews.TV