DMCI Homes, Marubeni to build 55-story condo project in Pasig

DMCI Homes, the property arm of the Consunji Group, and Japan's Marubeni Corp. have partnered to develop a 55-story condominium project in Pasig City.

The project, called Valeron Tower, will rise along E. Rodriguez Jr. Ave. and offer 1,962 residential units, making it Marubeni's flagship real estate investment in the Association of Southeast Asian Nations (ASEAN) region, according to Shinya Matsuo, senior manager of Marubeni's Overseas Real Estate Business Department.

The signing of a memorandum of understanding (MOU) between the two companies took place in Tokyo on the sidelines of the ASEAN-Japan Summit, witnessed by Philippine President Ferdinand Marcos Jr.

DMCI Homes and Marubeni aim to launch the project in the first quarter of 2024. Matsuo cited DMCI Homes' construction expertise, product differentiation, and strong sales team as factors influencing their choice of partner.

"We conducted market research over the years, and as a conclusion, we found DMCI Homes to be the best partner," Matsuo said.

DMCI Homes president Alfredo Austria said the collaboration represents a significant step forward in leveraging both companies' strengths.

"Our collaboration signifies a joint commitment to further enhancing quality living and providing innovative home solutions for homebuyers in the Philippines," Austria said.

DMCI Group and Marubeni have a history of working together, including on the LRT Line 2 East Extension Project, the Maynilad Water Services Inc. consortium, and recent reforestation and plantation development initiatives in Negros Occidental.

"We have fostered a strong relationship with DMCI built on mutual trust," said Shigeru Shimoda, president and chief executive of Marubeni Philippines Corp. "Considering the longevity of our partnership, we anticipate that this business venture will also be long-term. This is just the kickoff."

DMCI Holdings Inc. chairman Isidro Consunji and Marubeni executive officer and chief operating officer of finance, leasing and real estate business division Taro Kawabe were among those who attended the MOU signing.