Makati—(PHStocks)—GT Capital Holdings Inc. (PSE: GTCAP) announced today that its wholly-owned property company Federal Land Inc. (Federal Land) will join forces with Isetan Mitsukoshi Holdings Ltd. (Isetan Mitsukoshi) and Nomura Real Estate Development Co. Ltd (Nomura Real Estate) to jointly finance and develop Sunshine Fort, a mixed-use retail-residential development at Bonifacio Global City (BGC) in Taguig.
“Today is a momentous occasion as we officially welcome Nomura Real Estate and Isetan Mitsukoshi to the GT Capital family. This initiative fits into our group’s business model of forging strategic partnerships with best-of-class global brands,” Federal Land Chairman Alfred V. Ty said. “We are glad that they 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.”
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 is expected to be completed in 2025. The project will make various Japanese brands and goods available in the Philippines. Sunshine Fort is also set to improve Federal Land’s recurring income from retail operations.
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,” Miyajima added. “We are strongly prepared to pursue business in the Philippines, which has shown the strongest growth in Southeast Asia.”
Isetan Mitsukoshi former Chairman and current Senior Advisor Kunio Ishizuka said, “We will try our 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 location in Southeast Asia.
Federal Land President Pascual M. Garcia III said that the company deeply appreciates having been chosen as a worthy partner in this endeavor. “Through this partnership, we are bringing in the Japanese tradition of excellence, innovation, and culture to Filipinos,” Garcia concluded.
The signing of the agreement, as well as the consummation and implementation of the transaction shall be subject to securing the necessary regulatory approvals.