CapitaLand to jointly develop Tokyo property

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By Romesh Navaratnarajah: Property developer CapitaLand has negotiated a joint venture (JV) agreement with Mitsubishi Jisho Residence Co., Ltd. (MJR) and SECOM Home Life Co., Ltd (SECOM) to develop The Parkhouse Nishi-Azabu Residence (pictured) in Tokyo, Japan.

MJR is a wholly-owned unit of Mitsubishi Estate Co., Ltd. (MEC) while SECOM is a wholly-owned subsidiary of SECOM.

Scheduled to launch later this year, the 27-storey building is expected to be the tallest residential development in the Nishi-Azabu area when completed.

Commenting on the new partnership, Chong Lit Cheong, CEO of CapitaLand Commercial Limited, stated: "CapitaLand is pleased to be a partner of MEC for The Parkhouse Nishi-Azabu Residence development in Azabu, our second collaboration in Tokyo, Japan after The Parkhouse Shinjuku Tower."

Chong noted that the 190-unit development is located in a prestigious residential area, popular with senior executives, expats and diplomats. It also offers easy access to Roppongi Hills and the Hiroo Station on the Hibiya Line of Tokyo Metrosubway.

Takao Yagihashi, President of MJR, said: "The Parkhouse, our condominium brand, is a promise to our customers of our dedication to the creation of innovative housing guided by their feedback. With the vision, 'Always, new joy in daily life,' we hope to build this experience together with CapitaLand, who share the same ambition."

Meanwhile, SECOM, together with MJR and MEC, jointly developed the Life Eye's System, a state-of-the-art in-house security and monitoring system that will be used in the property.

CapitaLand will have a 20 percent stake in the JV while MJR and SECOM will take 70 and 10 percent respectively. Related Stories: Ascott to manage 7th property in the Philippines Beyonce and Jay-Z splash US$400k on holiday rental home

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