Ty Family's Federal Land Inks Joint Venture Deal with One of Japan's Largest Real Estate Companies
The real estate unit of the Metrobank Group has established a strategic alliance with one of Japan’s leading property developers, both companies announced on Tuesday (August 9).
Federal Land Inc. (FLI), the property arm of the Ty family’s GT Capital Holdings, has signed a joint venture deal with Japan’s Nomura Real Estate Development to develop large-scale property projects in the Philippines. The new company—called Federal Land NRE Global Inc. (FNG)—aims to “elevate the living experience of customers through the unique fusion of Japanese innovation with Filipino sensibility.”
What to See and Do at Mitsukoshi, Japan’s Oldest Department Store Chain, Before It Arrives in the Philippines
Lessons We Learned From Metrobank Tycoon George Ty
“Given the strategic locations, the sizable land bank and equally sizeable capital investment, we are looking at developments spanning 15, 20, 50 years and even beyond,” FLI Chairman Alfred Ty said during the launch event. “Our partnership with NRE is of particular importance because of their leading edge, innovative developments, and smart cities.”
The partnership also coincides with the celebration of FLI’s 50th anniversary this year. FLI was founded by the late chairman Dr. George S.K. Ty.
Federal Land, Inc. President and COO Thomas Mirasol; Federal Land, Inc. Chairman Alfred Ty; Nomura Real Estate Development Co., Ltd. Chair Eiji Kutsukake; Nomura Real Estate Development Co., Ltd. Executive Officer Yusuke Hirano
FLI and Nomura first worked together on The Seasons Residences, located in Bonifacio Global City, which is inspired by the four seasons of Japan. The project will also house the country’s first-ever Mitsukoshi shopping mall, which is on track to open by the fourth quarter of 2022.
“Through this project, we bring a peace of Japan to BGC, and I'm happy to report that three of our four towers are fast rising,” said Tom Mirasol, FLI’s president and COO. “The idea behind the Seasons Residences was to leverage the best of Japanese technology and design.”
According to Mirasol, the success of this initial collaboration spawned the idea of a more long-term partnership with Nomura. Discussions between the two teams took about a year, in the middle of the pandemic.
Artist's rendition of the soon-to-open Mitsukoshi Mall at The Seasons in BGC
“Through our various discussions with the Nomura group, we knew that it had to be large, it had to be lasting, and it had to be done in the middle of a pandemic using Zoom,” Mirasol said. “The next chapter of Federal Land’s journey is FNG.
“FNG will allow us to do things we couldn't do alone,” he added.
According to Mirasol, FNG’s initial pipeline of projects included residential, office, commercial and industrial within four areas of land development, with a total area of about 250 hectares in Metro Manila, Cavite, and Cebu. The lineup of developments will produce is expected to create about 6,000 job opportunities within the first five years of operations, including administrative, engineering, and construction related roles.
“This is just the beginning of plans we've made to realize within the next 30 years,” Mirasol said. “We are focused in creating milestone developments that will continue to integrate Japanese inspiration with Filipino sensibilities, differentiated by the coming together of cultures, resulting in smart and sustainable cities that aim to create value in townships. That is the promise of excellence, and one we are confident to deliver.”
Carmelo Bautista, GT Capital Holdings President; Thomas Mirasol, Federal Land President and COO; Alfred Ty, Federal Land Chairman; Eiji Kutsukake, Nomura Real Estate Development Chair; Atsushi Ogata, Nomura Real Estate Development Executive Officer; and Yusuke Hirano, Nomura Real Estate Development Executive Officer
Nomura Real Estate Development Co., Ltd. is one of the core companies of the Nomura Real Estate Group, with a diverse range of real estate businesses, such as the development of residences, offices, retail facilities, logistics facilities, and hotels, and others.
Nomura was represented at the event by its officers led by Chairman Eiji Kutsukake and Nomura Real Estate Development Executive Officer Yusuke Hirano.