Japanese investors infuse $13M into CDC real estate projects in Philippines

The local unit of Japanese property guru Yozo Hasegawa has pooled nearly $13 million worth of investments in choice projects of real estate developer CDC Holdings Inc.

Philippines Foreland, an affiliate of Hasegawa’s Foreland Holdings, said it has gathered investors to infuse financing in CDC Holdings’ Rivergreen Residences and Citadines Millennium Ortigas.

Under a memorandum of agreement (MOA) signed recently, Philippines Foreland will assemble and manage Japanese investors who will put in a total of $13 million worth of investments in Rivergreen Residences, which is equivalent to 200 units. In addition to the condominium, Philippines Foreland is also set to arrange the purchase of 4 floors, or 60 units in total, from the Citadines Millennium Ortigas property. The additional acquisition will further give another $13 million investment to CDC Holdings’ Ortigas project.

Philippines Foreland President Yoshimi Hirooka said Japanese investors are getting more interested in investing in Philippine properties lately due to the depreciating value of the Japanese yen and the steady exchange rate of the Philippine peso.