MANILA, Philippines — DMCI Homes of the Consunji family and Japanese trading conglomerate Marubeni Corp. are investing around P15 billion for their real estate joint venture project.
DMCI and Marubeni signed in Tokyo in December last year a memorandum of understanding for the development of The Valeron Tower, a 55-story residential condominium that will rise along the thriving C-5 Ortigas corridor in Pasig City.
DMCI Homes president Alfredo Austria said construction of the project started a month and a half ago, with project targeted for completion by July 2029.
“Total number of units is around 1,900 so we expect total revenues to be P22 billion from this project,” Austria said.
“Because of the location and features of the project, it will naturally cater to a more upscale segment,” he said.
The Valeron Tower aims to offer residents sophisticated living along one of the metro’s newest growth corridors.
It will provide multiple amenities such as a swimming pool on the roof deck.
On Marubeni’s end, the project is set to become its flagship real estate investment in the ASEAN region.
“We expect this project to a game changer. We can put our local experience and Marubeni’s experience globally to create a better product for everybody,” DMCI Holdings Inc. chairman Isidro Consunji said.
Marubeni and DMCI have been partners in numerous infrastructure projects in the country, including the LRT Line 2 East Extension Project and Maynilad Water Services Inc. consortium, among others.
Austria said Marubeni and DMCI will continue to explore further partnerships in the real estate sector.
“That is the intention. we expect to have good experience in Valeron so we are on the lookout for other projects in the future if this is a good experience,” he said.