PROPERTY developer Federal Land, Inc. and Japan’s Nomura Real Estate Development Co., Ltd. (NRE) have partnered to form a joint venture that integrates the two firm’s expertise.
Federal Land NRE Global, Inc. (FNG), the joint venture company, aims to “integrate Japanese innovation, technology, and design with Federal Land’s knowledge of the Philippine market and reputation for well-built and innovative properties.”
“We want to make a difference in the lives of the communities we are in. FNG is a marriage that speaks of shared values, shared aspirations and complementary areas of expertise,” Federal Land Chairman Alfred V. Ty said at a press conference on Tuesday.
“Our mission is not only to offer Filipino products that are best in the Philippines but also coming from the best practices within the region and around the world,” he added.
The initial project under FNG incorporates a total area of over 250 hectares of residential, office, commercial and industrial developments in the cities of Metro Manila, Cavite, and Cebu.
This is expected to generate 6,000 job opportunities within the first five years of operations.
“We are able to expand our local capabilities and further enhance our credentials as a global brand. Given the strategic locations and equally sizable capital investment, we are looking at developments spanning 15, 20 and even 50 years,” Mr. Ty said.
He said that the partnership will result in “unique product offerings for Filipinos.”
“FNG is looking at mixed-use townships of residential and office products. FNG is here to make a difference in the Philippine real estate arena and more importantly in the lives of communities we belong to,” he added.
Federal Land and NRE previously partnered for The Seasons Residences, a four-tower high-end residential development at Bonifacio Global City.
“We believe we can contribute to the overseas market with our knowledge and know-how. We have been expanding our business in the Philippines since it is one of the most important markets for us,” NRE Chair Eiji Kutsukake said.
“Federal Land and NRE have [conducted] a lot of discussions to give the best output. We are able to deliver such wonderful products together,” he added.
Federal Land President Thomas F. Mirasol said that the group has a positive outlook on the property market.
“The Philippine consumer has proven to be quite resilient and their passion [for] investing in real estate goes back to many generations. We not only rely on the research but even in our own experience, we are seeing our sales value reach pre-pandemic levels,” he said.
“Some of our projects far exceed what we used to do in the pandemic. We’re very optimistic about what the future will bring us,” he added.
Nomura Real Estate Development is one of the core companies of the Nomura Real Estate Group, which is engaged in real estate businesses, including the development of residences, offices, retail facilities, logistics facilities, and hotels, among others.
Federal Land is the real estate arm and wholly-owned subsidiary of GT Capital Holdings, Inc. GT Capital’s other investment holdings include Metropolitan Bank & Trust Co., Toyota Motor Philippines Corp., Philippine AXA Life Insurance Corp., and Metro Pacific Investments Corp., among others.
At the stock exchange on Tuesday, GT Capital shares ended higher by 2.95% or P1.40 to P468 apiece. — Luisa Maria Jacinta C. Jocson