Ty-controlled Federal Land Inc. has partnered with Japan’s Nomura Real Estate Development Co. Ltd. for a joint-venture company that will develop properties in the country.
Nomura Real Estate is the second-largest real estate developer in Japan in terms of condominium unit turnover as of 2020 and the fifth largest in consolidated sales.
“This new company, Federal Land NRE Global, Inc., promises to deliver unparalleled excellence by developing a new urban lifestyle, creating value, and sustainable growth,” Federal Land said.
“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. It is scheduled to start operations in April 2022,” it added.
Federal Land said Nomura Real Estate will invest $324 million or approximately P16 billion into Federal Land NRE Global for a 34-percent equity in the joint-venture company.
Federal Land NRE Global is eyed to “permanently redefine the Philippines’ real estate market through class-leading, advanced township developments,” said Federal Land.
“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. We are committed to demonstrate the strengths of both companies through strong partnership, strategically favorable location, product differentiation, and the introduction of advanced added value,” said Eiji Kutsukake, Nomura Real Estate chairman.
“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. 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,” said Alfred Ty, Federal Land chairman.
