UPDATE1: Nomura Real Estate selling luxury condos in Philippines, its biggest overseas project

27, Nov. 2018

――Corrects company name in 1st paragraph, adds details from 3rd paragraph

MANILA, NNA - Nomura Real Estate Holdings Inc. is selling luxury condominiums at a large commercial complex in the Philippines, targeting wealthy local buyers in its biggest overseas investment project.

Nomura teamed up with Japanese department store chain Isetan Mitsukoshi Holdings Ltd. and Federal Land Inc., a local partner, to develop the Sunshine Fort complex project on a 15,000 square-meter lot in Taguig, greater Manila.

The 54-billion-yen ($477-million) project is owned 20 percent each by Nomura and Isetan and 60 percent by the local developer.

The complex includes four high-rise condominium towers with a total of 1,400 apartments. It also has 30,000-square-meter commercial space in lower floors where Mitsukoshi brand stores, its first overseas, will be located.

The commercial space is scheduled to open in 2021, six years before condominium construction will be complete.

In one of the four towers, the prices start at 30 million yen for one-bedroom apartments. Two-bedroom units are priced in a range of 45 million yen to 70 million yen and penthouses and three-story units will be offered at 100 million yen to 300 million yen. The largest type has floor space of 350 square meters.

Nomura has received inquiries from about 100 potential buyers.

Nomura plans to invest 300 billion yen in overseas property development, mainly in Asia, through March 2025. It is currently building a total of 10 properties in China, Thailand and Vietnam with Japanese companies and local partners.