JAPANESE department store operator Isetan Mitsukoshi Holdings Inc. will partner with Nomura Holdings Inc. to develop a mixed commercial-residential project in the Philippines, the company announced last Friday.
Details about the project were few, but the company described it in a brief press release as a four-tower condominium project comprising at least 1,500 residential units as well as retail and other commercial facilities. The project is to be located on a property covering 15,000 square meters “in a suburb of Manila,” and has a planned cost of 50 billion yen (about $497 million, or P23.1 billion).
The project is currently slated for a “partial opening in 2022,” according to the company’s statement.
The statement added that the two Japanese companies would finalize the plans by Spring 2017, and seek a Philippine partner to carry out the project.
Analysts quoted in a report by Bloomberg pointed out that although retailers from Japan and other countries have spread out across Asia, mixed-use projects are rare. Isetan Mitsukoshi’s main rival Takashimaya, however, has already ventured into the segment, having contracted to operate similar projects in Singapore and Ho Chi Minh City, and initiating plans for its own project in Bangkok to begin construction sometime next year.
Istean Mitsukoshi has a number of overseas stores, including one each in Thailand, Italy and the US, five in China, six in Singapore, four in Malaysia, and 12 in Taiwan. If the project proceeds, it would be the first Japanese department store in the Philippines, although other Japanese retail brands already operate here, including convenience store brands Lawson’s, MiniStop, and Family Mart, as well as Fast Retailing Inc.’s clothing stores Uniqlo.