A Japanese department store operator has set its eyes on the Philippines to build commercial-residential facilities by 2022.
Isetan Philippines will work with Nomura Real Estate Holdings to build properties in Manila. The project is projected to reach approximately $500 million.
The developer, a rival of Takashimaya, plans to erect four 40-story condo buildings with more than 1500 residential units on a 15,000 sqm lot.
Isetan’s parent, Isetan Mitsukoshi, will operate a department store and other commercial facilities on the lower levels of the buildings. The retail giant plans to offer products developed in-house in addition to local favourites..
According to reports, the Philippine project is part of Isetan Mitsukoshi’s Asia’s expansion amid Japan’s shrinking domestic market.