Yuchengco-led House of Investments Inc. has partnered with Japan’s Sojitz Corp. to develop a leasing property in Makati.
House of Investments said the joint-venture will be done through unit San Lorenzo Ruiz Investment Holdings and Investments Inc. where it will hold a 60 percent stake.
“The joint venture was entered by the parties for the purpose of developing, operating, marketing, and leasing the property in Makati City that is owned by SLR. Post- development or when it commences its leasing operations, House of Investments will benefit through recognition of profits from the joint-venture,” it said.
“Currently, the property is not generating any profit since it is non-operational,” it added.
The company said it intends to apply with the special body of land use and zoning (SBLUZ) of Makati City for additional floor area ratio (FAR) for the property, which will determine how much both parties will invest in the property.
The Sojitz is also the partner of House of Investments in Sojitz G Auto Philippines in the distributorship of Geely cars in the Philippines.