Vista Land, Mitsubishi Estate to develop mixed-use project on Taft Ave.

Vista Land & Lifescapes Inc. has partnered with Japanese real estate firm Mitsubishi Estate Co. Ltd. (MEC) to develop a mixed-use and high-rise condominium in Manila.

The partnership is under a 60:40 joint venture company between Vista Residences Inc. (VRI) and MEC subsidiary Mitsubishi Estate Residence Co. Ltd. (MER), the Villar-led property developer said on Wednesday.

“This joint venture … highlights our growing profile not just with buyers but also with existing and potential partners, both here and abroad,” Vista Land president and CEO Manuel Paolo Villar said in a statement.

The planned condominium is the MEC Group’s first residential development project in the Philippines, according to Vista Land.

It is Vista Land’s fourth project in the area of Taft and is part of the company’s rapidly growing University Series, a line of vertical developments in high-density, student-oriented locations.

The condominium offers over one thousand residential units spanning 32 stories, plus a seven-floor parking space and a ground floor for commercial establishments.

The project will be launched in the first half of 2020, with the turnover targeted in the second half of 2024.

It caters primarily to the expanding academic community in the Taft University Belt or “U-Belt” area, home to 100,000 college and post-graduate students, faculty members, and administrative personnel working in 13 colleges and universities with 4 kilometers.

The project is also strategically in close proximity to various schools, hospitals, commercial centers, and public transportation that includes the Vito Cruz LRT station.

“This collaboration shall bring about a skillfully engineered and beautifully designed tower at the heart of the university cluster on Taft, and we hope to explore more opportunities with Vista Land to develop the rich potential of the real estate industry in Asia. This joint venture is only the beginning, paving the way for a long-term and fruitful partnership,” MER director and senior managing executive officer Yutaro Yotsuzuka said. —Ted Cordero/VDS GMA News