GT CAPITAL Holdings, Inc.’s property arm Federal Land, Inc. is planning on expanding its retail portfolio, which will be placed in its township developments, its top official said last Friday.
Federal Land President Thomas F. Mirasol said the property developer is looking at several retail formats.
“As part of the whole communities development, [we are looking at] expanding our retail with a Japanese element to it,” he told reporters last week.
Mr. Mirasol added that two of its projects — The Observatory in Mandaluyong City and Met Park in Pasay City — are set to house retail components.
“We are launching this year, [in] September or October,” he said. “So the construction might start early next year.”
GT Capital President Carmelo Maria Luza Bautista told reporters that retail would be part of the offering of Federal Land NRE Global, Inc., the joint venture company of Federal Land and Nomura Real Estate Development Co. Ltd.
“The estate that’s coming up in Cavite will be a mixed-use offering, so we would have residential, commercial, and some retail,” Mr. Bautista said.
The company recently announced its plans to venture into townships. It is set to develop 10 master-planned, multi-use properties as part of its Federal Land Communities product line.
The initial properties are set to lay the groundwork for further developments, all of which are planned to be unveiled within the next few years, it said.
It also announced a 600-hectare development, Riverpark, located in General Trias, Cavite.
Meanwhile, the company alongside its partners Isetan Mitsukoshi Holdings Ltd. and Nomura, formally launched a Japanese-themed mall in Bonifacio Global City.
The Mitsukoshi BGC is located within the company’s Grand Central Park property and is the podium level of its four-tower condominium property The Seasons Residences.
Federal Land Chairman Alfred Vy Ty told reporters that expansion for the Mitsukoshi mall in the country is “in the works” with its Japanese partners.
“We just had to get this [mall] off the ground,” he said.
GT Capital shares went up 0.28% or P1.50 to P537 apiece on Friday. — Adrian H. Halili