Isetan Philippines in planning
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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.
Questions & Answers
Q.Which company will operate the retail facilities within the new development?
Which company will operate the retail facilities within the new development?
Isetan Mitsukoshi, the parent company of Isetan Philippines, will operate a department store and other commercial facilities on the lower levels of the planned buildings in Manila.
Q.What is the primary motivation for Isetan Mitsukoshi expanding into the Philippines?
What is the primary motivation for Isetan Mitsukoshi expanding into the Philippines?
The project in the Philippines is part of Isetan Mitsukoshi’s broader expansion strategy in Asia, reportedly due to a shrinking domestic market in Japan.
Q.What kind of properties will be developed as part of this project?
What kind of properties will be developed as part of this project?
The project involves building commercial-residential facilities, specifically four 40-storey condominium buildings containing more than 1500 residential units, alongside a department store and other commercial spaces.