Ty family-led Federal Land Inc. has teamed up with top Japanese real estate developer Nomura Real Estate Development Co. to set up a P48-billion joint venture company that will embark on local urban township developments.

Nomura will invest $324 million (about P16 billion) for a 34 percent interest in the new company, which will be called Federal Land NRE Global Inc., 

The joint venture is scheduled to start operations this April 2022, based on a disclosure filed on Friday by Federal Land's parent conglomerate, GT Capital Holdings.

For the initial project, the new venture will incorporate four areas of land development with a total area of about 250 hectares in Metro Manila, Cavite, and Cebu. These include an initial pipeline of residential, office, commercial and industrial facilities.

"We have invested in a joint venture to accelerate business expansion in a rapidly growing market. We will build and aim for development here while promoting a combined housing and commercial projects with Federal Land. We are committed to demonstrate the strengths of both companies through strong partnership, strategically favorable location, product differentiation and the introduction of advanced added value," Nomura Real Estate chair Eiji Kutsukake said.