Mitsubishi Corp said Thursday it is participating in a housing development project in the Philippines. The project will be executed by a joint venture established in collaboration with Century Properties Group, one of the leading real estate enterprises in the Philippines, with Mitsubishi holding 40% of shares and Century 60%. Located in Tanza in the province of Cavite, which lies south of Metro Manila, the project will cover an area of approximately 26 hectares and supply approximately 4,000 housing units.
High rates of economic growth in the Philippines over the past several years has led a rapid increase in the population flow into Metro Manila, which has in turn led to a severe housing shortage, accompanied by a steep rise in prices. In this context, providing better housing solutions and creating a better living environment is a major priority for the government of the Philippines, and the project aims to contribute to efforts aimed at resolving these issues.
In 2015, the population of the Philippines reached 100 million; by 2050, it is projected to reach 150 million. The county's gross domestic product has also grown at an average of approximately 6% per annum over the past five years, one of the highest in Southeast Asia. With this strong economic growth and an increasing population, backed by a young skilled labor force and rising educational levels, the Philippines is projected to remain one of the fastest growing economies in the region.
Century is well known for its expertise in developing both office buildings and residential projects, and in the case of residential projects, for its collaboration with some of the world's top brands to provide high quality housing that incorporates innovative designs.
Over the past three and half years, Mitsubishi has participated in some eight projects across ASEAN, supplying approximate 15,000 housing units in the region.© JCN Newswire