Federal Land Inc., the real estate unit of tycoon George Ty, teamed up with Japanese companies Isetan Mitsukoshi Holdings and Nomura Real Estate Holdings to build a luxurious mixed-used tower worth more than P10 billion in Fort Bonifacio, Taguig City.
Federal Land president Alfred Ty said the partnership agreement with the Japanese companies would be one of the projects that would be presented during President Rodrigo Duterte’s upcoming visit to Japan in June.
“This project is worth more than P10 billion,” Ty told reporters.
Ty said because of foreign restriction in land ownership, the Japanese partners would only have a 40-percent stake in the project.
He said the planned mixed-use development, which would rise beside the soon-to-be-completed Grand Hyatt Tower in the group’s 11-hectare property in Taguig, would offer luxurious residential units and high-end retail development.
The retail component located at the lower floor of the building will be operated by Isetan, a well-known high-end department store operator in Japan. This will be the first project of Isetan in the Philippines.
Other Japanese retailers and convenience store operators that have operations in the Philippines are Ministop, Lawson and Fast Retailing’s Uniqlo clothing chain.
This will be the second joint venture partnership of Federal Land with a Japanese firm. The property firm earlier teamed up with Orix Corp. to develop the 66-story Grand Hyatt Hotel.
GT Capital Inc., the listed holdings company of the Ty group, also has several Japanese partners in various businesses including automotive and insurance via Toyota Motor Philippines Inc. Jenniffer B. Austria
Meanwhile, DMCI Holdings said it was in talks with the property arm of Japanese telecommunications firm NTT DoCoMo for a possible joint venture partnership in property development in the Philippines.
DMCI said NTT group was interested in taking a 30-percent interest in the development of an office and a residential project within the company’s 7,000-square-meter property along Pasong Tamo, Makati.
This will be the first real estate venture of NTT DoCoMo in the Philippines, which has a stake in telecommunications company PLDT Inc.