Federal Land NRE Global Inc. (FNG) said it will launch the second tower of its The Observatory development in Mandaluyong by the first half of 2026 after its first tower outperformed the company’s previous number one project in Taguig.
William Thomas F. Mirasol, FNG president, said the first residential tower, which has 692 units and called ‘Sora’ or the Japanese word for sky, has been outselling its Seasons Residences in Bonifacio Global City (BGC) in Taguig.
‘The launching of the second (tower) should happen within the first half of 2026. At the pace that we are currently selling, there will be a need for the second tower in the first half of next year,’ Mirasol said.
FNG is a joint venture between Federal Land Inc. and Nomura Real Estate Development Co. Ltd.
Sora is set to be completed on 2030, and Mirasol said the company sold 60 percent of the project since it opened it up since July.
‘It’s selling faster than the Seasons Residences did, which was surprising because the Seasons is in BGC and there’s been a sustained demand there versus here, it’s not really that type of investor market that we were enjoying in BGC,’ Mirasol said.
‘The people are beginning to really recognize the potential of Mandaluyong, especially the Japanese market.’
The said development is priced at P290,000 per square meter, lower than BGC’s P460,000 per square meter, according to Mirasol.
‘So, you know we have some people walking in our showroom in Seasons Residences, (we’re saying that) down the road there’s Observatory. So, we’re getting that market also, the aspirational market who wants the BGC lifestyle but isn’t quite there yet.
‘So they will just drive across the bridge and they will have another option,’ he said.
The Observatory is a 4.5-hectare mixed-use township by FNG. It sits beside Robinsons Land Inc.’s own development, along Edsa and Pioneer Street in Mandaluyong.
It will have nine towers, but Mirasol said the first phase of development only covers three residential towers, with an office building.
It is envisioned to have residential towers, retail offerings and an office building.
‘The development offers a modern retreat in a strategic location, emphasizing convenience and comfort, and empowering homeowners to thrive in the city. Showcasing the essence of The Observatory, its latest 1,700-square meter sales pavilion presents FNG’s harmonious convergence of Japanese and Filipino cultures.’
Mirasol said they are ‘very excited’ about marketing the FNG brand in the country.
‘The Philippine consumer has an affinity for things Japanese. Cars, electronics, culture, food, everything. The Japanese, they know how to do things better. So this partnership for us is very strategic. Take advantage of their know-how and our know-how in the local market.’