GT Capital Holdings Inc. unit Federal Land Inc. has started preliminary work at a township property located in General Trias, Cavite.
The Riverpark mixed-used development, with a gross land area of 600 hectares and gross floor area of 18 million square meters, is expected to be completed by the end of this year, company officials said on Thursday.
"We have started with the property's land development works last year, and broke ground with our partners, SM Development Corp., and SM Prime Holdings Inc. and GT Capital, the initial phase of the development in June 2022, which is about infrastructure roadworks and utilities," Federal Land project development group head Stephen Comia said.
"This phase is set to be completed within the year," he added.
Included in the Riverpark project is a horizontal housing development, a shopping mall and a joint venture between Nomura Real Estate Development Co. Ltd. and Federal Land NRE Global Inc (FNG).
"There are also several developments that will be launching in the next two months or in September of this year, and that will be under the brand of FNG," Comia said.
"In fact, we will be launching a residential project under them, and it will be a horizontal one which has a size of 18 hectares that will be located inside the planned 230-hectare Nomura district," he added.
"We also currently have a partnership with the SM group and from my understanding, they will do a groundbreaking with their regional mall sometime this year and in the next couple of years they will be launching their own residential brands here."