Orix to participate in large-scale real estate development project in Philippines

Orix Corp, a leading integrated financial services group, said Thursday it has reached an agreement with a real estate developer Federal Land Incorporated, an affiliate of Metropolitan Bank and Trust Co, the second largest bank in the Philippines, for a joint development of a large-scale complex in Manila.

The project involves establishment of a joint venture by Federal Land (70%) and Orix (30%) to advance a development of office, hotel, condominium, and retail complex in Fort Bonifacio, located adjacent to Makati which is situated in the center of Manila, and where commercial accumulation is rapidly progressing. Fort Bonifacio is conveniently located 1.5 km away from the center of Manila and only 2km away from the international airport. Accordingly, the area has spurred construction of offices and housing and attracted financial institutions and overseas companies, and is expected to become the new business center in the future.

The complex will become the latest landmark consisting of a 66-story hotel and office tower, one of the highest buildings in the Philippines, a 51-story condominium tower, and a commercial facility including designer shops and restaurants in the lower floors. Metrobank Group plans to relocate its headquarters to the office section of the complex, and a global hotel chain Grand Hyatt Manila is expected to open the newest premier luxury hotel in Manila. Also, condominiums will be sold to Philippines’ wealthy individuals and overseas investors.

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