Local real estate firm Axeia Development Corporation signed a memorandum of agreement (MOA) with Fukuoka-based Nishitetsu (Nishi-Nippon Railroad Co., Ltd. or NNRC), for the around P500 million Midori Terraces project in Antipolo, Rizal, on Monday, July 25.
However, the MOA is just the beginning for the first time partners.
"We plan to go beyond residential development into township development, urban transport and planning, retail and commercial development as well as waste management," announced Lynn O. Sy, Axeia Executive Director during the MOA signing.
Nishitetsu is a diversified conglomerate and the is the number one bus operator in Japan todate.
From transport, the 114 year old company invested into township development, going into subdivisions, condo, commercial and office spaces and even hotels and resorts.
Nishitetsu initially developed middle class condominium projects and housing subdivisions in Vietnam in 2015.
Within six years, it has expanded operations in Thailand, Indonesia and the United States.
"Midori Terraces is our first housing project in the Philippines," according to Taro Koyama, Nishitetsu Director of Overseas Development Division.
"The main pillar of our business is transportation. We were established in 1908 and since the 1960s, we expanded our business to transportation and real estate, including developing a bus network in conjunction with our large housing complexes," he explained.
By next year, Axeia and Nishitetsu expect to break ground for their 4.1 hectare Midori Terraces project, which consists of 77 buildings.
Already 20 percent of the 462 mid-rise condominium units have been pre-sold.
Each fully finished, 2-bedroom, 50 square meter unit costs P2.5 million, with free parking space.
As part of the MOA with Axeia, Nishitetsu will look into design improvements for Midori, review its construction operation processes and help in the turnover of the project to the homeowners' association, among other things.
The partners expect their condominium project to be completed by 2026, a year ahead of original target.
And then, they will decide on their next venture together.
"We are taking it one step at a time," Paul H. Tan-Chi, Axeia President, concluded.