MANILA, Philippines – Federal Land Incorporated partnered with two of Japan's top firms for a P20-billion retail and residential complex soon to rise in Bonifacio Global City, Taguig.
The George Ty-led company said in a statement that it teamed up with residential leader Nomura Real Estate Development Company Limited and retail service group Isetan Mitsukoshi Holdings Limited to develop the Sunshine Fort Landmark project, which is expected to be completed in 2025.
"Today is a momentous occasion as we officially welcome Nomura Real Estate Development and Isetan Mitsukoshi Holdings to the GT Capital family," said Alfred Ty, chairman of Federal Land.
The 3 companies will jointly finance and develop the P20-billion Sunshine Fort Landmark project, which is part of Federal Land's 10-hectare Grand Central Park development in Bonifacio Global City. A provision in the 1987 Constitution limits foreign ownership of companies in the Philippines to 40%.
Federal Land said the mixed-use development will bring the Japanese tradition of excellence, innovation, and artistry to the Philippines. (READ: Fitch affirms PH investment grade rating at BBB-)
Entry into PH market
Nomura Real Estate president Seiichi Miyajima said the company's venture into the Philippine market is a result of the deep ties between Tokyo and Manila.
"This project is memorable to us since this is the first time that we will integrate Japanese concepts of project planning, technology, and knowledge to the Philippine market. We are strongly prepared to pursue business in the Philippines as it has shown to have the strongest growth in Southeast Asia,” Miyajima said.
Meanwhile, Isetan Mitsukoshi senior advisor Kunio Ishizuka said his firm will try its best to "excite and move every customer in the Philippines by helping Federal Land enhance the Filipino lifestyle through introducing Japanese style and quality."
The Philippines is Isetan Mitsukoshi's 4th overseas business in Southeast Asia, and will be its first challenge in complex real estate development.
GT Capital Holdings Incorporated, the parent firm of Federal Land, is a listed Philippine conglomerate that has businesses in banking, property development, infrastructure and utilities, automotive assembly, and importation, among others. – Rappler.com