Prior to the COVID-19 pandemic, some developers had begun launching joint venture residential projects with overseas firms. Colliers International expects this trend to continue moving forward with these projects, especially in Metro Manila where demand for high-end condominiums remains strong.
“Local players should highlight their partnerships with Japanese firms who are known for their technological innovation. Local developers should also emphasize the projects’ upscale amenities, integrated development and potential for capital appreciation, which are all important to discerning buyers,” Joey Roi Bondoc, Senior Research Manager at Colliers, wrote in the Philippine Daily Inquirer.
Joint venture residential projects are seen as a win-win scenario for both partners. Overseas developers can enter the attractive Metro Manila property market while taking on less risk. On the flipside, the arrangement provides local homebuilders with a boost in prestige.
“While foreign firms are enticed by high yields derived from Philippine projects, local developers gain by being vouched for by prominent foreign brands,” Bondoc noted. “Japanese brands are particularly known for their precision and high architectural and engineering standards, making their condominium projects an attractive option for local investors.”
A quick look at joint venture residential projects in Metro Manila
One of Metro Manila’s most notable joint venture residential projects is The Velaris Residences from RHK Land Corporation, a Robinsons Land Corporation and Hongkong Land collaboration. The 45-storey luxury condominium is located in the emerging Bridgetowne district.
Last year saw Vista Residences, the condominium department of Vista Land & Lifescapes, team up with respected Japanese real estate developer Mitsubishi Estate (MEC) to launch the first-ever Japanese-inspired condo project in Metro Manila.
While not strictly a residential project, Sunshine Fort is a massive mixed-use development with four residential towers in Bonafacio Global City. Federal Land is partnering with a pair of Japanese firms, Nomura Real Estate Development and Isetan Mitsukoshi Holdings, on the massive estate.