It was a celebration of a strategic, groundbreaking alliance that is poised to transform the future of Philippine real estate.
Top officials of real estate giants Federal Land Inc. and Nomura Real Estate Development Co. Ltd. (NRE) of Japan came together last week for the highly anticipated launch of their joint venture company, Federal Land NRE Global Inc. (FNG).
FNG brings together the decades-worth of expertise of Federal Land, which is celebrating its 50th year in the business, and NRE to create landmark projects and masterplanned smart cities that will enhance and elevate residents’ lifestyles. This skillful integration of Japanese innovation and Filipino sensibility will no doubt create new and real value in the local real estate market.
‘Perfect marriage’
Federal Land chairman Alfred Ty called this partnership with NRE as a perfect marriage of vision and values.
“We share a common long-term outlook, anchored on creating world-class developments that enrich the way people live. It’s a true synergy wherein we raise each other’s performance, whether in architecture, technology, construction, management, or most importantly, to the quality of service rendered to our customers,” Ty said.
“FNG is here to make a difference in the Philippine real estate arena and more importantly, in the lives of the communities we belong to—elevating living standards by introducing innovative design parameters from Japanese concepts and international best practices,” Ty explained. “We will introduce masterplanned communities in strategic locations, innovative features, sustainable solutions, and cutting-edge technologies that fit today’s evolving and modernizing lifestyle. That’s the vision of FNG.”
An important market
NRE chair Eiji Kutsukake, who flew in with his team for the occasion, meanwhile pointed out that the Philippines is one of the most important markets for their company, and as such, they are looking to further expand their presence here over the long term.
NRE’s continued investments, particularly in FNG, indeed signals an unwavering vote of confidence on the local real estate market. To recall, NRE’s collaboration with Federal Land started in 2017, along with Japan’s Isetan Mitsukoshi Holdings Ltd. Through Sunshine Fort North Bonifacio Realty Development Corp., the companies are currently building The Seasons Residences, an award winning, multi-tower residential complex, and the first MITSUKOSHI in the Philippines in Bonifacio Global City.
“FNG is not just a special purpose company [that will be on a] project by project basis, but a growing, constant company for a long time business in the Philippines,” Kutsukake said.
“FNG, with the spirit of equal partnership between FLI and NRE, seeks to create new value that has never existed before, by leveraging on each other’s strengths, cooperating with each other and using various ideas and knowledge. We will combine our strengths—the broad business infrastructure that the GT Capital group has, the local real estate business experience and landbank that FLI has, and the know-how and experience that NRE has contributed to Japan and overseas. We will create sustainable communities beyond generation in response to local needs, and unique developments utilizing technologies that are new in the Philippines,” he explained.
Traditional ceremonies
To mark FNG’s launch, officials held the traditional Japanese ceremony Kagami Wari, which literally translates to opening the lid. The round, wooden lid of the barrel was broken open with wooden mallets by the top officials of Federal Land and NRE, signifying the release of good fortune.
A Daruma doll was presented as well, with Kutsukake drawing on one eye, while the other was left blank. According to Japanese custom, the eyes of the Daruma doll are initially blank. You fill in one eye after making a wish, and the other eye only after the goal is completed. The drawing of the eyes signifies giving life and soul to the Daruma by opening its mind’s eye.
Officials likewise unveiled the FNG logo design, which was inspired by the forearm handshake to symbolize peace. In ancient times, the forearm handshake was a common gesture to show that both parties are not wearing weapons. Such is the depth of Federal Land and NRE’s partnership—it not only nurtures friendship but it also maintains a common pursuit.
Long term plan
These remarkable pronouncements are now creating buzz and excitement in the market. There’s a lot of expectations riding on FNG and how it can indeed elevate the game and transform the landscape—especially after the officials unveiled plans over the next 25 years.
Federal Land president and COO Thomas Mirasol revealed that FNG will launch projects next year in Metro Manila, Cavite and Cebu—which span a total of about 250 hectares.
The plan, Mirasol said, is to create smart, mixed-use estates that will be home to multiple towers, offering residences, offices and commercial spaces.
Indeed, one can only expect exceptional innovative offerings to come from such a game-changing partnership built on trust and shared values. FNG is, without a doubt, off to a great start.
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The article was originally published in Inquirer.NET and written by Amy R. Remo.
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