Laguna-based P.A. Properties announced that it has formed a joint venture with Japanese real estate firm Hankyu Hanshin Properties to develop a pair of residential communities in Dasmariñas. The agreement was announced during the groundbreaking for the joint venture’s two projects; Idesia Dasmariñas Phase 2 and Idesia Heights.
Idesia Dasmariñas Phase 2 is a 9.18-hectares project that will have 648 housing units in total with prices ranging from PHP2.8 million to PHP7 million. It is the flagship project of the joint venture and will be connected to the masterplanned Idesia Dasmariñas township,
According to a press release, the project caters to urbanites; growing or middle-income families; and those who seek to upgrade their total community living. The joint venture is aiming to create affordable homes set amongst green surroundings. The first phase of Idesia Dasmariñas was launched in 2017 with another phase also in the pipeline.
“Through Idesia Dasmariñas, we will be providing families with a great community with amenities homebuyers are looking for in a more expensive home, but at a reasonable price,” Romarico “Bing” Alvarez, P.A. Properties Chairman, explained during a recent press conference. “With its modern Asian aesthetics, coupled with environmentally-friendly features, Idesia is simply a warm, welcoming place people would truly want to live in.”
The second project, Idesia Heights, will cover 5.64-hectares and will have a total of 300 houses. The development is expected to be completed in 2024.
“We have worked toward this end over the past year and being able to break ground for Idesia Phase 2 and Idesia Heights is most gratifying,” Alvarez stated.
Hankyu Hanshin extends its reach in Southeast Asia
PA-Hankyu One, the joint venture between P.A. Properties and Hankyu Hanshin, has been in the works for more than a year as the Japanese developer continues to look for opportunities in Southeast Asia.
In 2017, the firm made a splash when it announced a joint venture in Thailand with local homebuilder SENA Development. The agreement saw the pair launch two condominium projects in Bangkok and has since been expanded to include two additional developments.
“Our main motivation with this agreement is to expand our presence. Japan is an aging society and the Kansai region where Hankyu is based will likely see the population shrink. That is why we have been looking at opportunities outside of Osaka, both in Tokyo and Southeast Asia,” Ryuichi Morotomi, President and CEO of Hankyu Realty, the predecessor to Hankyu Hanshin Properties, told Dot Property.
The developer also worked with Nam Long Investment Corporation for a project in Vietnam. Hankyu is very diligent when choosing its partners in the region and has moved more methodically than some of its peers.
“We look for our partners to share the same mindset, that was the most important thing when establishing this agreement with SENA,” Ryuichi pointed out. “We spent time getting to better understand one another and how we both conduct business. There are many similarities between Hankyu Realty and SENA and that is why we both are confident about working together.”