(Source: Inquirer.net | July 11, 2017)
GT Capital group’s property arm Federal Land Inc. has teamed up with Japan’s Nomura Real Estate Development Co. Ltd. and Isetan Mitsukoshi Holdings Ltd. to invest in a P20-billion residential and retail complex in Bonifacio Global City.
The Japanese-inspired project called Sunshine Fort Landmark, pitched as the first-of-its-kind in the Philippines, is targeted for completion by 2025. It will rise on a 1.5-hectare area within Federal Land’s 10-hectare Grand Central Park development in BGC, right next to the Grand Hyatt Hotel.
The real estate project is 60-percent owned by Federal Land while the remaining 40 percent stake is split between the two Japanese partners.
Sunshine Fort will have four residential towers with 41 to 51 floors each. It will feature the Japanese trademarks of functionality, safety, harmony with the environment, and simplicity.
“Even prior to this, GT Capital has led the way in establishing partnerships that brings Japanese technology, designs, and the know-how to the Philippines. This partnership will also introduce a new condominium-living experience through Japanese efficiency and design,” Federal Land chair Alfred Ty said during the partnership signing yesterday.
Federal Land president Pascual Garcia III said this BGC project could be classified as a “premium” project targeting the upper middle-income market.
The project will bring to the local property market 1,395 new residential units. Ty added the residential units in the first tower would be launched in the first quarter of 2018 and likely turned over to buyers by 2022.
“I hope that the retail development will be earlier than this,” he added.
The project also includes a shopping mall to be curated and developed jointly with Isetan Mitsukoshi, a Japanese department store operator which is entering the Philippines for the first time. The mall will have a gross leasable area of 25,000 square meters and is envisioned to feature Japanese fashion brands, food and cosmetics.
Nomura Real Estate officials cited the Philippines’ rapid economic growth as a strong motivation for investing in this real estate project.
Nomura chair Eiji Kutsukake also noted the “growth, development and charm” of BGC was likewise a key consideration. Since the development of this former military camp was privatized in the 1990s, BGC has become a new central business district comparable to Makati.
Kutsukake said it had taken three years for the parties to finalize the partnership, adding that they were all upbeat in this project.
Kunio Ishizuka, Isetan Mitsukoshi former chair and current senior advisor, said the number of Filipino customers buying from the company’s stores in Japan was increasing every year. Best known for its chain of Isetan-Mitsukoshi department stores, the group has presence all over Japan, as well as in Europe and the United States and Asia.