Isetan Mitsukoshi plans commercial complex in Philippines

Japanese department store operator Isetan Mitsukoshi Holdings will work with compatriot Nomura Real Estate Holdings to develop commercial-residential facilities in the Philippines. The property will be built in a suburb of the capital, Manila, and is slated for partial opening as early as 2022. Project costs are seen totaling around 50 billion yen ($497 million). Isetan Mitsukoshi Holdings plans to seek growth elsewhere amid a shrinking domestic market The plan is to erect four 40-story condo buildings totaling over 1,500 residential units on a 15,000 sq.-meter lot. Isetan Mitsukoshi will operate commerical facilities on the lower levels of the buildings, including a department store. In addition to items popular among local consumers, the retail giant plans to offer products developed in-house to pique their shopping appetite. Though many big Japanese retailers and real estate giants are building operations in Asia, a project combining residential and commercial features is rare. The...