Hongkong Land PH seeks more local partnerships
Upscale development. Guests at the launch of Mandani Bay’s gallery showroom check the scale model of the 20-hectare development in Mandaue City. A joint venture between Hongkong Land and Taft Property Venture Development Corp., Mandani Bay will be implemented in eight phases. Hongkong Land Philippines chief representative Finn Carew says they are interested in getting into more partnerships with local developers. (Sun.Star Photo/Allan Cuizon)
ALREADY on its third joint venture in the country, Hongkong Land Philippines chief representative Finn Carew said the company is interested to partner with more local developers to expand its real estate portfolio in the country.
The latest joint venture is with homegrown Taft Property Venture Development Corp., the real estate arm of the Metro Gaisano Group. The two companies formed HT Land to develop the multi-billion peso waterfront project Mandani Bay.
Mandani Bay covers a 20-hectare lot at the North Reclamation Area of Mandaue City that is expected for completion in 10 to 20 years. The project, which will be implemented in eight phases, will have a total of 25 towers, 80 percent of which is for residential use. The rest will be for commercial and retail functions.
Carew said its joint venture project with Taft Property is its biggest project in the Philippines to date.
The listed international developer has an existing partnership with Ayala Land Inc. called Roxas Land Corp., which is behind the Roxas Triangle Towers in Makati.
It also entered into a joint venture for horizontal housing projects in Luzon two decades ago when it joined Jardine Davies, Metrobank, Equitable Bank and San Miguel Properties in 1996. The joint venture formed Jardine Land, which was changed to NorthPine Land in 2006, after Hongkong Land acquired Jardine Davies’ interest in Jardine Land, making the international developer the single largest shareholder, owning 40 percent.
At present, NorthPine Land has several ongoing horizontal developments, namely Greenwoods, Wind Crest, Kahaya Place, Forest Ridge, South Hampton and Kohana Grove in Luzon.
In Asia, Hongkong Land also has projects in China, Singapore, Malaysia, Indonesia and Vietnam through joint ventures, said Carew.
“We may (expand)…We will have expanding presence in the Philippines,” Carew told Sun.Star Cebu in an interview at the sidelines of Mandani Bay’s launching of its 1,500-square-meter show gallery.
The official said it is working on a fourth joint venture, but chose not to publicly identify the local company, which is still working on its initial public offering (IPO).
Carew earlier projected robust property sector in the Philippines, citing the country’s healthy economic and demographic fundamentals. He described the local property sector playing on a “conservative” level in contrast to other countries like in China, where construction activities are undertaken aggressively.
The international property developer owns and manages almost 800,000 square meters of prime office and luxury retail property in key Asian cities, principally in Hong Kong and Singapore.
Hongkong Land Holdings Limited is incorporated in Bermuda and has a standard listing on the London Stock Exchange as its primary listing, with secondary listings in Bermuda and Singapore. The group’s assets and investments, as published in its website, are managed from Hong Kong by Hongkong Land Limited. Hongkong Land is a member of the Jardine Matheson Group.
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