Federal Land and Nomura Real Estate are strengthening their partnership after announcing plans to create a joint venture company that will develop townships in the Philippines. Last year, the pair launched a condo in Metro Manila with Isetan Mitsukoshi Holdings.
The new firm will focus on township projects with land in Metro Manila, Cavite and Cebu already earmarked for its first developments. These are set to include residential, office, commercial and industrial elements. Work could begin as soon as April.
“We have invested in a joint venture to accelerate business expansion in a rapidly growing market. We will build and aim for development here while promoting combined housing and commercial projects with Federal Land,” Nomura Real Estate Chairman Eiji Kutsukake was quoted as saying by BusinessMirror.
Related: Philippine developers predicted to leverage joint venture residential projects moving forward
The joint venture company will be known as Federal Land NRE Global Inc. with the Philippine firm owning a 66 percent stake and Nomura Real Estate holding the remaining 34 percent. Last year, the duo launched The Seasons Residences, a four-tower residential project boasting curated amenities and the first Mitsukoshi mall in the Philippines.
“Today marks a major milestone in the 50-year history of Federal Land. Our late founder, Dr. George S.K. Ty’s love for architecture has molded the company to expand its portfolio into delivering large-scale and quality developments. We are very delighted to bring our partnership with Nomura Real Estate, Japan’s top five developers, to greater heights,” Federal Land Chairman Alfred V. Ty told the press.
He continued, “We intend to provide relevant real estate solutions that increase value over time and leave a positive mark for generations by building sustainable communities with distinct Japanese style and infused with Filipino sensibility.”
That plan includes Noruma Real Estate incorporating its advanced technologies and expertise into the new township developments. The Japanese developer also has joint venture projects in China, Vietnam and Thailand.
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