Residential demand seen to improve toward year-end

MANILA, Philippines — Residential demand is likely to improve for the remainder of the year, according to real estate consultant Colliers Philippines.

“We are projecting a gradual pick up in condominium launches in Metro Manila while demand for horizontal projects is likely to be sustained especially in major investment destinations such as CALABARZON and Central Luzon,” said Joey Roi Bondoc, Colliers associate director for research.

Against this backdrop, Bondoc said the country’s property developers can tap opportunities in joint venture partnerships with foreign property giants.

Federal Land Inc. is one company that has entered into a strategic partnership with Japanese firm Nomura Real Estate Development Co. Ltd., the real estate arm of Nomura Group.

Federal Land president and COO Thomas Mirasol said the property company believes in forming strategic alliances with global leaders in the real estate industry.

“Since day one, we have been focused on creating well-built living spaces in strategic locations that nurture dynamic communities,” Mirasol said.

NRE Global Inc. (FNG), a joint venture between Federal Land and NRE, will develop townships on about 250 hectares in Metro Manila, Cavite, and Cebu.

Aside from the new joint venture, Federal Land seeks to bring a piece of Japan in the Ortigas central business district through The Grand Midori Ortigas.

Another Federal Land project is the Japanese-inspired mixed-use property, The Seasons Residences in Fort Bonifacio Global City.

At the podium level of the development is the highly anticipated Mitsukoshi, the first of its kind in the country.

The four-tower integrated-use development is a joint venture among Federal Land Inc., Nomura Real Estate Development Co. Ltd., and Isetan Mitsukoshi Holdings Ltd. to form Sunshine Fort North Bonifacio Realty Development Corp.

“This is another joint venture that has helped us push our goal to create and enrich new lifestyles in the country through quality, unique and advanced developments,” Mirasol said.

Federal Land is looking at reinforcing both current and prospective partnerships for the remainder of the year to continuously meet the growing demands for residential, commercial, and industrial spaces in and outside of Metro Manila.