PH real estate firm partners with Japan’s railway company for P2.5-B project

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AT A GLANCE

• Local real estate firm Axeia Development Corporation signed a joint venture agreement (MOA) with one of Japan’s biggest private railway companies, Fukuoka-based NNR  (Nishi-Nippon Railroad Co., Ltd.) Nishitetsu, for a P2.5 biIlion master-planned community in a 60.5 hectare property in General Trias, Cavite.

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Local real estate firm Axeia Development Corporation signed a joint venture agreement (MOA) with one of Japan’s biggest private railway companies, Fukuoka-based NNR  (Nishi-Nippon Railroad Co., Ltd.) Nishitetsu, for a P2.5 biIlion master-planned community in a 60.5 hectare property in General Trias, Cavite.

The 5-phased project, known as Richdale West Residences, is along Crisanto delos Reyes highway, beside Eagle Ridge Golf Course, half an hour from Tagaytay and 5 minutes away from the country’s Coffee Capital, Amadeo, Cavite.

The joint venture partners target to launch the first phase, which covers 10 hectares, by the last quarter of this year. All five phases are expected to be complete within a decade.

Originally, Axeia and NNR Nishitetsu planned to go into big ticket land transport projects, but now, “We want to generate more resources before going into transport, so we won’t rely on government funding,” Axeia Executive Director Lynn O. Sy told reporters in a press briefing, Tuesday  May 16.

“We plan to go beyond residential development into township development, urban transport and planning, retail and commercial development as well as waste management,” he disclosed earlier.

NNR Nishitetsu is part of a larger diversified Nishitetsu group of companies with businesses in railway and bus operations,   retail stores and distribution centers, international logistics, hotel and restaurants as well as overseas housing, community and city development.

From transport, the 115 year old company invested into township development, going into subdivisions, condo, commercial and office spaces and even hotels and resorts in Asia and in the U.S.

“The main pillar of our business is transportation. We were established in 1908 and since the 1960s, we expanded our business to real estate, developing a bus network in conjunction with our large housing complexes,” explained NNR Director of Overseas Development Division Taro Koyama.

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Significantly, the joint venture partners are funding their P2.5 billion project via equity, without any bank borrowings, like what they did with their first two housing projects last year in Antipolo, Rizal and Tanauan, Batangas, where NNR Nishitetsu committed to invest P1.74 billion.

So far, their mid-rise low density condominium project in Antipolo,   Midori Terraces and their Batangas project already generated P1.088 billion reservation sales todate, out of the P3 billion projected.

“The strong relationship of mutual trust and support we have developed within this short period of time brought about the decision of NNR Nishitetsu and Axeia to set up a joint venture company, Asiatic Land Incorporated (ALI),” according to Sy.

“We have learned so much from Axeia over the past one year and Nishitetsu would like to work together with them as a long-term partner,” stated NNR Director Koyama.

The first phase 1 of their Richdale West Residences will be a boutique 10 hectare development composed of  77.50 square meter Linnea Single Attached houses and 3- storey 6 units mid-rise low density condominium  complete with a transport terminal and a privately-run high school.

Todate, the project is in the design and engineering planning stage.

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The article was originally published in Manila Bulletin and written by Emmie V. Abadilla.

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