Jardines Group boosts property portfolio in RP

Asian conglomerate Jardine Matheson is boosting its real estate exposure in the Philippines through a new multi-billion peso housing development in Rizal province.

Its local property development arm NorthPine Properties Inc. (formerly Jardine Properties) will put up a middle-income housing project in scenic Antipolo City. Named Forest Ridge, the project is strategically located within a four-kilometer radius of major roads and establishments and situated on a hilly, high altitude terrain which has a commanding view of the Metro Manila area.

The company and its sister firm NorthPine Land Inc. were formed over a decade ago by the Jardine group to capitalize on the country’s then booming property market — until the Asian financial contagion hit in 1997.

Despite tremendous odds, the company remained firm on its plans to launch two real estate projects, focused on offering affordable but high quality homes for the middle income market.

Its first project was Greenwoods Village in Dasmariñas, Cavite, a master-planned community of single-detached housing units for the middle class. This development soon spawned "mini-clusters" such as Rosewood, Greenwoods Heights, Norfolk Ridge and Providence Hill.

NorthPine also developed Lexington, another master-planned community of singular units located in Pasig City.

Last year, the Jardines Group decided to consolidate its property investments in Hongkong Land, its main property unit. The transfer eventually made Hongkong Land the major stakeholder in the then Jardine Properties with a 40 percent equity. The rest of the shareholdings in NorthPine continued to be shared equally by Metropolitan bank & Trust Co., Equitable PCI Bank and San Miguel Properties Inc.

With the transfer of equity to Hongkong Land, the shareholders felt that a change of name to NorthPine Properties was in order to signal a new beginning and a renewed commitment to property development and to the Philippines.

Hongkong Land is a leading property investment development and management group focusing on high-quality property trading and infrastructure projects in Asia. It is a major real estate owner and developer in the former Crown Colony.