Isetan is teaming with Federal Land to build a mixed use complex in Taguig City, which will include an upmarket shopping mall.
The P10 billion Fort Bonifacio development will rise from an 11 hectare site next to the Grand Hyatt Tower currently under construction. It will feature luxurious apartments and a high-end retail development, anchored by an Isetan department store – Isetan Mitsukoshi’s first in the Philippines.
Japanese property investment company Nomura Real Estate Holdings will help fund the development, but only 40 per cent of the project’s ownership will be Japanese held given restrictions on foreign investment in property in the Philippines.
Federal Land president Alfred Ty said the development would mark the company’s second joint venture partnership with a Japanese firm, following its deal with Orix to build the 66-story Grand Hyatt.