Federal Land NRE Global Inc. (FNG), the joint-venture between the Ty-led Federal Land Inc. and Japanese Nomura Real Estate Development Co., Ltd. (NRE), is looking at a 25-year pipeline of projects in the various land banks of Federal Land.
Speaking at the formal announcement of FNG, Federal Land president Tom Mirasol said the partnership will be focusing on four areas where the Ty Group has a huge landbank – Manila Bay area, Mandaluyong, Cavite, and Cebu.
“We’re starting off (with) four estates with multiple projects. For example, Manila Bay is going to be 10 towers; Mandaluyong is going to be nine towers; Cavite is over 100 hectares, so there’s going to be so much development over there. Cebu, there’s a minimum three towers… all of these things have been planned for the next 25 years,” said Mirasol.
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.
Mirasol said 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.
FNG is the next stage in the partnership of the Ty Group and NRE in property development in the Philippines.
FNG expands the tie-up between Federal Land and NRE, which along with Japan’s Isetan Mitsukoshi Holdings Ltd. collaborated on The Seasons Residences, a four-tower high-end residential development at Bonifacio Global City featuring distinct Japanese innovations.
The success of The Seasons Residences cemented NRE’s confidence in Philippine real estate, according to NRE chairman Eiji Kutsukake.
