Federal Land Signs Strategic Partnership with Japanese Real Estate Firms
Manila, Philippines—GT Capital Holdings Inc. announced earlier today that its wholly-owned property company Federal Land Inc. will join forces with Isetan Mitsukoshi Holdings Ltd. and Nomura Real Estate Development Co. Ltd. to jointly finance and develop Sunshine Fort, a mixed-use retail and residential development at Bonifacio Global City (BGC) in Taguig.
Sunshine Fort, a $400 million Japanese-inspired residential and retail complex, is part of Federal Land’s 10-hectare Grand Central Park development in BGC. The master-planned community, which will make various Japanese brands and goods available in the Philippines, is expected to be completed in 2025.
Sunshine Fort is also set to improve Federal Land’s recurring income from retail operations.
“We’re glad that Nomura Real Estate and Isetan Mitsukoshi are part of Federal Land’s commitment to invest in the country and add value to the lives of Filipinos. This joint venture is part of Federal Land’s commitment to bring global industry standards to the country,” said Federal Land Chairman Alfred Ty.
Nomura Real Estate President Seiichi Miyajima said that the company’s venture into the Philippine market is a result of the strong history of friendship between the two countries. “This project is remarkable to us since this is the first time that we will integrate Japanese concepts of project planning, technology, and knowledge to the Philippine market.”
The signing of the agreement, as well as the consummation and implementation of the transaction, shall be subject to securing necessary regulatory approvals.