Federal Land partners with Japanese firms for iconic BGC project
Iris Gonzales (The Philippine Star) - May 5, 2017 - 12:00am

MANILA, Philippines - Federal Land Inc., the property unit of George Ty’s GT Capital Holdings Inc., has partnered with Japanese giants Nomura Real Estate Holdings and Isetan Mitsukoshi to develop an iconic Japanese-inspired mixed use project which will be the first in the Philippines, industry sources told The Star.

The project will rise within Federal Land’s 10-hectare Grand Central Park development in Bonifacio Global City (BGC) in Taguig.

Federal Land, Nomura and Mitsukoshi signed the landmark joint venture agreement on May 1, paving the way for the entry of the two Japanese firms in the Philippines.

“Federal Land, Nomura Real Estate and Isetan Mitsukoshi will develop a Japanese type retail store and Japanese inspired condominium project in BGC, beside the upcoming Grand Hyatt Hotel,” the industry source said.

Nomura is a real estate company while Mitsukoshi is a department store operator.

The parties are expected to make an official announcement later this month.

Federal Land’s Grand Central Park development will also include the Grand Hyatt Hotel, a 66-story luxurious hotel, and the 50-story Grand Hyatt Residences beside it.

With the entry of the two Japanese companies, Grand Central Park is envisioned to be a popular destination with various components including a hotel, condominium and a Japanese inspired retail development.

The Japanese inspired condominiums will be built for the convenience of the residents and provide a unique experience of the comfort of living in a condo unit with Japanese features, never seen in the country and enjoyed by many in Japan, the source said.

Tokyo-headquartered Nomura Real Estate operates as a real estate company in Japan, developing, office buildings, commercial, warehouses, condominiums, logistics, and other properties for investors. It also provides property consulting, property management and cleaning services for office buildings, schools, housing, and condominiums, as well as supplies district heating and cooling services.  It also operates fitness clubs, primarily in the Tokyo metropolitan area.

 Isetan Mitsukoshi, on the other hand, is into different business segments including department store and retail and special store, which is engaged in the sale of women’s clothing, the manufacture of food, and the operation of super markets.

Federal Land has been open to foreign partners on a per project basis because of strong interest from different foreign players, which want to get into the company’s projects in both the BGC and Bay Area in Manila.

The partnership with Nomura and Mitsukoshi Isetan will provide equity and technical expertise, similar to its joint venture with Orix Corp. of Japan, the company’s partner in Grand Central Park.

Aside from Federal Land, GT Capital’s businesses are automative through Toyota Motor Philippines, banking through Metrobank, and financial services through Toyota Financial Services Philippines Corp.

The conglomerate has also entered into a strategic alliance with the Pangilinan Group’s tollways and infrastructure conglomerate Metro Pacific Investments Corp. as it wants to get a slice of the lucrative infrastructure business.

FEDERAL LAND
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