Federal Land, Japanese developers going for P20B project

Federal Land Inc. teamed up with two Japanese real estate firms to develop a P20-billion mixed-use project in Taguig City.

Federal Land on Monday announced the partnership with Nomura Real Estate Development Co. Ltd. and Isetan Mitsukoshi Holdings Ltd.

The project, Sunshine Fort, will rise in Federal Land's 10-hectare Grand Central Park development in Bonifacio North in Taguig City starting 2018.

To be completed in 2025, the mixed-use development will employ Japanese technology and artistry.

"Nomura Real Estate has the strong will and intention to disseminate the experience and knowledge we have cultivated over the years in Japan," Nomura Real Estate Development Chairman Eiji Katsukake said during the partnership ceremony in Makati City.

"We truly wish to take part in the Philippine development activities continuously, through continuing a permanent partnership with Federal Land," he added.

Isetan Mitsukoshi Holdings President Toshihiko Sugie said the project will be the company's first project outside Japan.

"This project will be our first challenge for the overseas complex development, and we would like to make a contribution to establishing a retail facility that will be loved by many Filipinos," he said.

Federal Land Executive Vice President for Business Management Cathy Casares-Ko said the project will be 60 percent owned by Federal Land, with Japanese partners subscribing to the balance of 40 percent. — VDS, GMA News