August 12, 2022

Federal Land, Nomura to bring the best of both worlds with FNG

Federal Land NRE Global Inc. (FNG), the joint-venture between the property giant and Japanese Nomura Real Estate Development Co., Ltd. (NRE), one of Japan’s top developers, is planning to bring Japanese technology and aesthetics to the Philippine.
At the formal announcement of the joint venture, Federal Land president Tom Mirasol revealed that the partnership will be working on a 25-year pipeline of projects in the various land banks of Federal Land, focusing on four areas—Manila Bay area, Mandaluyong, Cavite, and Cebu.
“We’re starting off (with) four estates with multiple projects,” Mirasol said. “Manila Bay is going to be 10 towers; Mandaluyong is going to be nine towers; Cebu, there’s a minimum three towers… all of these things have been planned for the next 25 years.”
Mirasol said the four estates will have a total area of 250 hectares which will offer to the market an initial pipeline of residential, office, commercial and industrial facilities.
He noted that the projects will create 6,000 job opportunities within the first five years of operations, such as administrative, engineering, and construction-related roles.
“My hope is that this 25- year plan might end up being a 15 -year plan because of the market reception,” Mirasol said.
Going beyond the usual township model
The two real estate powerhouses teamed up to form FNG, the vehicle that would develop a series of townships across the country, including a 100-hectare Japanese “smart city” in Cavite, and a mixed-use project along Manila Bay.
Federal Land chair Alfred Ty said could reach roughly $2 billion in less than a decade.
Other local developers have expanded into townships, offering a combination of residential, commercial and office projects, but Ty said FNG would go beyond this model.
“FNG is looking at offering more than live-work-play mixed-use townships,” he said. “We are considering blending logistics, institutional and industrial developments in our portfolio as well.”
Read more: Manila Standard Online – News

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