Local developer, Japanese firm ink housing deal

DIVERSIFIED Japanese company Nishi-nippon Railroad Co., Ltd. (NNR), a subsidiary of Nishitetsu, officially closed on Monday its partnership deal with homegrown real estate firm Axeia Development Corp. (ADC) for the construction of Midori Terraces, a mid-rise condominium project in Antipolo City, Rizal province.

“This is our first housing in project in [the] Philippines. We understand Antipolo has a big potential to develop housing. We try our best effort to deliver a good product to our customer,” Taro Koyama, director of Overseas Development Division at NNR, said during their signing of agreement in Pasig City.

He said they tied up with ADC because of its “high reputation as a wellknown housing developer in Philippines and they deliver high product to customers for living on time.

“Also, we understand Axeia’s passion is to make customer experience transformational and we were so impressed and symphatized with their vision.”

For their part, ADC Executive Director Lynn O. Sy expressed their gratitude to NNR for partnering with them and for planning to bring into the country its expertise in township and urban development.

“NNR Nishitetsu had offered their resources, their expertise and services, not just to Axeia, but also to the country as a whole, in offering additional support to ramp up our housing supply, in order to address the increasing housing backlog of the country,” he said.

Citing the report of Dr. Bernardo M. Villegas to the Department of Housing Subdivision and Urban Development last June, he bared that the Philippines has a housing backlog of around 8.4 million households or around 34 percent of the 24.7 million households nationwide.

This number excludes about 3.3 million low-income households that cannot afford housing, and of the backlogs, over 2.1 million and 1.3 million units belong to the economic and low-cost housing sectors, respectively, constituting 41 percent of the total backlog, he added.

“And yet, overall annual housing production capacity in the entire country is less than 280,000 units per annum, the highest we registered in 2019. Our numbers dropped in the pandemic period of 2020 and 2021,” Sy pointed out.