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Rockwell Land has signed a joint venture agreement with Mitsui Fudosan Co. Ltd of Japan to develop the residential component of its project in Quezon City, a disclosure to the Philippine Stock Exchange said Monday.

The project, called The Arton, costs P9billion, with Mitsui Fudosan having a 20 percent equity. It is Rockwell’s newest high end residential community located in Katipunan that will have three towers at 24, 28 and 34 storeys, respectively. Arton West, the first tower, was launched this month.

“The consummation and the implementation of the transaction shall be subject to the necessary regulatory approvals, including the Philippine Competition Commission,” the disclosure said.

Present in the contract signing in Makati were Rockwell chairman Manuel Lopez, former Ambassador to Japan, Rockwell president and chief executive officer Nestor Padilla, Mitsui Fudosan executive managing officer and chief executive officer Akihiko Funaoka and Mitsui Fudosan (Asia) executive director and head of the residential team Tomoo Nakamura.

“We are honored that Mitsui Fudosan chose to honor us in the first foray in the Philippines and we hope that this will be the beginning of a long and fruitful relationship with them” said Padilla. DMS