HOMEGROWN real estate company Axeia Development Corp. has entered anew into a joint venture (JV) agreement with Japanese company NNR (Nishi-Nippon Railroad Co., Ltd.) Nishitetsu for a P2.5-billion masterplanned community in General Trias, Cavite.
The project, which will be known as Richdale West Residences, is seated on a 60.5-hectare acquired property, which will be developed in five phases within 10 years. The first phase is designed to become a boutique 10-hectare development comprised mainly of 375 units of 77.50-square-meter (sq m) Linnea single attached houses and 108 units in 3-story, six-unit mid-rise condominium called Midori.
Axeia Executive Director Lynn O. Sy bared that some of their concepts and ideas are very much influenced by the City Government of General Trias. He cited, for instance, that the local government unit (LGU) wants to include a tourist-oriented events place in the project given its proximity to scenic destinations.
“So our unique selling proposition will be: Wake up to the cool morning breeze from Tagaytay; sip Amadeo’s strong brewed coffee while enjoying the spectacular view of lush greeneries inside the Eagle Ridge Golf course,” he told reporters during their ceremonial JV signing and media briefing in Ortigas last May 16.
According to him, the LGU is “very much excited about our property” that it also wants them to put a small transportation terminal and a privately run high school within the development. Axeia is currently on the designing and planning stage of the engineering details of the initial phase.
“In our original plan with NNR Nishitetsu, we’re supposed to launch it early next year. But because of the city government’s pressure for us to launch it already, now we’re thinking maybe we can try to catch up on a last quarter launching of this project,” Sy shared.
Without citing the exact pricing details since Richdale is still at the early stage of development, he pointed out that affordability comes to their minds, wherein they are looking into a monthly payment of P15,000 to P17,000 a month for Linnea housing units and P12,000 to P14,000 a month for Midori condo units.
“We believe that these price points are very affordable for first-hand private home users. We are not designing a project for their second-home market or a vacation home market. Our intention is for buyers to live there as their primary residence, which is very accessible to Metro Manila for their employment and livelihood requirements, and still have the unique opportunity to visit Tagaytay every afternoon since it’s just 25 minutes away,” said the Axeia executive director.
Axeia and NNR Nishitetsu started their team up on July 25, 2022, with the closure of their JV deal for a mid-rise, low-density condominium project in Antipolo City. This was followed with their codevelopment of another housing project in Tanuan, Batangas.
NNR Nishitetsu had so far committed to join Axeia and infused a significant amount to their total investment package plan of P1.74 billion for these two JV projects, which have so far generated P1.088 billion worth of reservation sales, out of the projected P3.02 billion sales. All their three codevelopment initiatives are funded via equity, without any bank borrowings.
“A strong relationship of mutual trust and support that we have developed within this short period of time brought about this decision for NNR Nishitetsu and our company, Axeia Development Corp., to set up this joint venture company, Asiatic Land Inc.,” Sy said.
“We are confident that our JV partnership will build further more and contribute to provide good products and the growth of the housing market in the Philippines,” Taro Koyama, director of Overseas Development Division at NNR Nishitetsu, added.
