Federal Land Inc., the real estate unit of GT Capital Holdings Inc., teamed up with Japanese partners Nomura Real Estate Development Co. Ltd. and Isetan Mitsukoshi Holdings Ltd. to develop a P20-billion mixed-use residential and retail development in Bonifacio Global City, Taguig.
Federal Land chairman Alfred Ty said during the partnership signing ceremony that the three companies would jointly finance and develop Sunshine Fort project, which would bring Japanese tradition of excellence, innovation and artistry to the Philippines. The whole development 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. This joint venture is part of Federal Land Inc.’s commitment to bring global industry standards in the country to add value to our lifestyle,” Ty said.
Sunshine Fort will have four residential towers offering 1,395 residential units on top of a retail podium with 25,000 square meters of leasable space.
The first residential tower will be launched by the first quarter of 2018 and will be completed by 2022.
The mall will be jointly developed with Isetan Mitsukoshi, the world’s leading retail service group. It will feature new and familiar Japanese brands, authentic Japanese food and a wide-array of cosmetics.
Nomura Real Estate Development Co. Ltd. president Seiichi Miyajima said the company’s venture into the Philippine market was a result of the strong history of friendship between the two countries.
“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,” said Miyajima.
Isetan Mitsukoshi’s senior advisor Kunio Ishizuka said his group would 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 fourth overseas business in Southeast Asia and will be its first challenge to join the complex real estate development project.
Federal Land president Pascual Garcia III said the partnership would introduce better products to Filipinos.
“We hope that this partnership with Nomura Real Estate Development Co. Ltd. and Isetan Mitsukoshi Holdings Ltd., based on the foundation of mutual respect and trust, is only the beginning of more projects in the future so we can continuously uplift the lives of Filipinos,” Garcia said.