Newland Teams Up With Japanese Builder/Developer

Newland Real Estate Group has formed a partnership with the largest builder/developer in Japan to buy land and develop communities in the United States. In announcing the joint venture between Newland and Sekisui House, the joint venture also announced its first investment: 492 acres of undeveloped land in west Houston for the expansion of Newland's Cinco Ranch, the best-selling master-planned community in the country last year. The cost of the land, which is zoned for more than 1,200 homes, was not disclosed, and in Texas it is difficult to determine sales prices from land records. The new land is expected to be developed in about three years as the existing Cinco Ranch land is exhausted. The community was started in the early 1990s and now has nearly 11,000 completed homes. At buildout, the entire development will have 14,000 homes on 8,092 acres. "It's on the west side of Houston and happens to be in a great school district, and that's a big help (for success) obviously," CEO Robert McLeod said in an interview. "And the west side of Houston is the center of the corridor for Houston's energy companies in the U.S."

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