Federal Land opens Aki Tower, weighs new Cebu project

Federal Land has inaugurated Aki Tower, the third of four towers at The Seasons Residences in Bonifacio Global City, and is considering another development in Cebu. Chairman Alfred V. Ty said the company is taking a gradual approach to new projects amid existing inventory and a slow market recovery.

Federal Land, Inc. has inaugurated the Aki Tower of The Seasons Residences in Bonifacio Global City, as the property developer considers another project in Cebu and takes a measured approach to future developments, Chairman Alfred V. Ty said.

“We hope to do something in Cebu also and be able to, again, showcase to them the best practice over here,” Mr. Ty told reporters on Tuesday. He did not disclose the location, project type, investment amount, or timetable for a possible Cebu project, and said some of the company’s future developments remain too early to announce.

Federal Land already has residential developments in Cebu, including Marco Polo Residences and Marco Polo Parkplace in Nivel Hills. The company inaugurated Aki Tower, the third of four towers at The Seasons Residences, as well as the project’s guest house. The Seasons Residences is being developed through a joint venture with Nomura Real Estate Development Co., Ltd. and Isetan Mitsukoshi Holdings Ltd., according to Federal Land.

The 45-story condominium development will have 304 units across its Haru, Natsu, Aki, and Fuyu towers, with one- to three-bedroom units, the company said. Federal Land said the Fuyu tower is scheduled for turnover next year.

The company is also looking at further development opportunities in Cavite, where it is developing the 600-hectare (ha) Riverpark estate in General Trias through Federal Land NRE Global, Inc. “We’re already positioned for Cavite. So, that’s the smart city that we put up. So, there’s going to be a lot of opportunities there,” Mr. Ty said. He said Riverpark could include horizontal and mid-rise residential developments, with high-rise projects possible later.

Mr. Ty said Federal Land is taking a gradual approach to future developments as it considers existing inventory and expects the property market to recover over time rather than immediately return to pre-pandemic conditions. He said the company’s land bank gives it flexibility in deciding when and how to proceed with new projects, and that Federal Land remains optimistic about long-term property demand, citing the country’s growing and relatively young population.

Mr. Ty also said Federal Land is open to additional partnerships for future developments. Federal Land’s parent company, GT Capital Holdings, Inc., recently donated 15 ha within Riverpark for Ateneo de Manila University’s planned Cavite campus. Shares in GT Capital fell by 3.08%, or P14, to close at P441 each on Tuesday.