Federal Land, Nomura Real Estate team up for new development firm
Metro Manila (CNN Philippines, January 28) — Federal Land Inc. has set up a new development firm with Japan-based Nomura Real Estate, which is set to begin operations this April.
The GT Capital subsidiary on Friday said the Japanese property developer will invest about ₱16 billion — or 34% of total capital — of their new company: Federal Land NRE Global Inc.
“As their initial project, it will incorporate four areas of land development with a total area of about 250 hectares in Metro Manila, Cavite, and Cebu. These include an initial pipeline of residential, office, commercial and industrial facilities,” Federal Land said on Friday.
The joint venture between both developers hopes to mix Japanese inspiration with Filipino sensibility, and ultimately aims for sustainable growth in townships, it added.
Federal Land chairman Alfred Ty welcomed the deal, calling it a “major milestone” in their company’s 50-year history.
“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,” Ty said.
Read more: CNN Philippines