Federal Land in venture with Japanese firm for P4B project

Federal Land Inc., the property development arm of the Metrobank Group., has formed a joint venture company with Japanese real estate firm Orix Corp. to develop a P4-billion upscale condominium project in Makati City. In a briefing on Tuesday, Alfred Ty, Federal Land president, said the joint venture company will be called Federal Land Orix Corp. It will develop “The Grand Midori Makati," which will have two towers, 500 units in 35 storeys and will occupy 3,900 square meters along Legazpi Village, Makati City. Ty said project construction will begin in 2009 and be completed by 2011. 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. “Orix Corp.’s contribution to the project…includes expertise from years of experience in engineering architectural design, interior design, and project management," Ty said. Orix is listed in the Tokyo and New York bourses. Of the joint venture company, Federal Land will own 60 percent and Orix 40 percent. Federal Land Orix will be developing The Grand Midori Project in partnership with Metropolitan Bank & Trust Company, the country’s largest lender in terms of assets. Ty also said the partnership with Orix will be the first among a series of joint ventures of Federal Land with international multi-national corporations. “These prospective partnerships will be in the field of residential, office building, and hotel development, among others," he said. Ty added that the next partnership will be announced by the company in the first quarter of 2008. - Cheryl Arcibal, GMANews.TV