FedLand-Orix joint venture gets PCC green light
The Philippine Competition Commission has approved the joint venture between taipan George Ty’s property arm Federal Land and Japanese firm Orix Risingsun Properties.
According to PCC, the partnership, which involves the construction of a luxury hotel, office and residential building, in Bonifacio Global City, will “not result in a substantial lessening of competition in the relevant market since it does not appear that the transaction will result in foreclosure of the parties’ competitors.”
“And in any case, there appears to be sufficient post-acquisition competitive constraint from other market participants,” the competition watchdog said.
The partnership between Federal Land and Orix dates back to 2007, starting with the P4-billion The Grand Midori Makati, a two-tower residential condominium located along Legazpi Village, Makati City.