MANILA - Federal Land has partnered with Japan's Nomura Real Estate to "redefine" the country's real estate market, its parent GT Capital Holdings Inc on Friday said.
Nomura Real Estate Development Co Ltd will invest approximately P16 billion, or 34 percent of the total capital investment of the new company, Federal Land NRE Global Inc, which is pegged at P48 billion, GT Capital said in a disclosure to the stock exchange.
The joint venture will mix Japanese inspiration with Filipino sensibility and will also highlight smart cities, Japanese retail concepts and sustainable growth.
Part of the initial projects are 4 areas of land development with a total area of about 250 hectares in Metro Manila, Cavite and Cebu, the company said.
"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," Nomura Real Estate chiar Eiji Kutsukake said.
With both firms linked to conglomerates in the financial sector, the company said financial discipline, among others, would be part of its DNA.
"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," Federal Land Inc chairman Alfred Ty.
Tokyo-based Nomura Real Estate is engaged in residential and commercial development leasing and architectural design across Japan, with expansions in China, Vietnam, Thailand and the Philippines.