Ty family-led Federal Land is ready to seize new opportunities in the Philippine real estate sector with Japan’s second largest property developer, aiming to set new standards for urban living.
Federal Land announced Friday that it was taking its partnership with Nomura Real Estate Development to the next level with the establishment of a P48 billion joint venture company which will develop world-class and sustainable integrated townships.
“Today marks a major milestone in the 50-year history of Federal Land. Our late founder, 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.” said Alfred Ty, chairman of Federal Land.
Nomura and Federal Land’s first teamup is the four-tower Japanese-inspired development, The Seasons Residences at Grand Central Park in Bonifacio Global City. The mixed-use development will feature the first Mitsukochi mall in the country.
The Japanese property giant will take a 34 percent stake in the new company, Federal Land NRE Global Inc., with its $324 million investment.
Targeted to start operations in April, the joint venture company is envisioned to redefine the Philippine real estate market.
For its initial project, Federal Land NRE will develop residential, office, commercial and industrial facilities on about 250 hectares of land in Metro Manila, Cavite, and Cebu.
“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 a 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.
Founded in 1957 in Tokyo, Japan, Nomura Real Estate is engaged in the development of residential and commercial spaces, leasing and architectural design businesses across Japan. Apart from the Philippines, it also has a presence in China, Vietnam and Thailand.