Federal Land, Japan firms tie up for $400-M BGC project

MANILA, Philippines - Federal Land Inc., the real estate unit of George Ty’s GT Capital Holdings Inc., has brought to Manila two Japanese giants for the joint development of an iconic Japanese-inspired mixed use project within its 10-hectare Grand Central Park in Bonifacio Global City.

The two top  Japanese firms are Nomura Real Estate Development Co., a leading residential company established in 1957 and Isetan Mitsukoshi Holdings Ltd., a top retail service group in Japan.

Ty’s son Alfred, who heads Federal Land, said the project would be the first in the Philippines to realize a “Japan concept” which at the same time would be affordable and fit the taste of Filipino consumers.

“This is a fortunate opportunity to witness a new era of Japanese-Philippine relationship,” he said in a ceremony announcing the landmark project.

“We will soon experience a big piece of Japanese lifestyle here in Metro Manila,” he added.

Nomura and Isetan are entering the Philippines for the first time to jointly develop the $400 million Sunshine Fort, a retail and residential complex in BGC.

“This partnership will also introduce a new condominium-living experience through Japanese efficiency and design,” Ty said.

The project, targeted for completion in 2025,  will bring Japanese tradition of excellence, innovation and artistry in the Philippines.

Ty said the partnership would be a 60-40 joint venture project in favor of Federal Land.

The Star broke the news on this partnership, which was forged in May.

Ty said they are open to doing similar projects in the future. “We want to exert more effort in making this a success. In the future, we can allow this project to multiply,” Ty said.

Nomura Real Estate president Seiichi Miyajima said the company’s venture into the Philippine market is 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.

Eiji Kutsukake, chairman of Nomural said the company wishes to take part in the Philippine development activities continuously, through continuing a permanent partnership with Federal Land.

Isetan Mitsukoshi senior advisor Kunio Ishizuka said they would try their best to “excite and move every customer in the Philippines by helping Federal Land enhance the Filipino lifestyle through introducing Japanese style and quality.”

 For his part, Isetan president Toshihiko Sugie said “the project is a remarkable joint venture development by Philippines and Japanese companies in Bonifacio Global City, the finest and newest international area and it is here where one of the most dramatically growing countries in Southeast Asia, the Philippines, is located.”

The Philippines is Isetan Mitsukoshi’s fourth overseas business in Southeast Asia.

Even prior to the project, GT Capital has led the way in establishing partnerships that bring Japanese technology, designs, and the know-how to the Philippines

Ty said Japan has opened its doors under the friendship of Prime Minister Shinzo Abe and Philippine president Rodrigo Duterte.

GT Capital has businesses in banking, property development, infrastructure and utilities, automotive assembly, and importation.