CapitaLand in Joint Venture to Develop Residential Condominium in Tokyo
CapitaLand Limited has signed a joint venture (JV) agreement with Mitsubishi Jisho Residence Co Ltd (MJR) and SECOM Home Life Co Ltd for the joint development of The Parkhouse Nishi- Azabu Residence, a 190-unit residential project located in Minato Ward, Tokyo, Japan.
Planned for official launch in 4Q2012, construction has begun and is targeted for completion by 2Q2014.
Under the JV agreement, CapitaLand’s share of investment in the project is 20 per cent while MJR’s share is 70 per cent and SECOM owns the remaining 10 per cent.
“This joint development, which is located in a prestigious residential area popular with diplomats, senior executives and expatriates, and within walking distance to Roppongi Hills and the Hiroo Station on Hibiya Line of the Tokyo Metrosubway, is an excellent addition to CapitaLand’s presence in Japan,” said Chong Lit Cheong, CEO of CapitaLand Commercial Limited.
Currently, CapitaLand’s assets under management in Japan include 3,447 units of residential properties, eight retail malls, four serviced residences and one Grade A office building in Tokyo, spreading across Japan from Kyushu to Hokkaido.
The Parkhouse Nishi – Azabu Residence will be equipped with Life Eye’s System, a security system developed by SECOM. This system allows a 24-hour emergency team of both Mitsubishi Jisho Community call centre and SECOM control centre to respond speedily to any unusual activities or emergencies detected within the units or at common areas, providing homeowners with a peace of mind.
The same system has been implemented in all MJR’s properties.
MJR is a wholly-owned subsidiary of Mitsubishi Estate Co Ltd (MEC) while SECOM is a wholly-owned subsidiary of SECOM.
When completed, the 190-unit, 24-storey development will be the tallest residential building in the Nishi-Azabu area in Minato ward.