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Federal Land, Orix to build $300-million hotel at The Fort

(The Philippine Star) Updated March 12, 2012 12:00 AM

MANILA, Philippines - To rise out of a 1.5-hectare prime lot in the northeastern part of Bonifacio Global City, the project will be comprised of a hotel, prime office and residential complex and will be developed under a new joint venture company called Bonifacio Landmark Corp. (BLC).

As partners, Federal Land and Orix Corp. will jointly finance and develop the project. The entire complex (including the hotel and its residential components), meanwhile, will be managed by Grand Hyatt Hotels worldwide. Construction for the Grand Hyatt Hotel is currently in full swing, and is slated to be completed by 2015.

Once completed, the project will offer 40,000 square meters of premium office units, first-class residential apartments sharing a common podium occupied by high-end retail establishments and a 66-story high luxurious condo hotel featuring 450 well-appointed guest rooms.

BLC chairman Alfred Ty hails this latest partnership with Orix Corp. as a vote of confidence not only to Federal Land of the Metrobank Group but also for the Philippines. “We are delighted to join hands with Orix Corp. once again to develop what could truly become another landmark development in the Philippines. We are very excited with the prospects of this development and to the many contributions it can bring to our tourism industry and the overall economy,” he said.

After signing a memorandum of understanding last year in Tokyo, Japan, Federal Land and Orix Corp. have formally incorporated a joint-venture company to construct one of the country’s most luxurious mixed used developments to date. The joint venture company, Bonifacio Landmark Corp. (BLC), formalizes the second partnership between the two companies.

The two also co-developed The Grand Midori Makati, a two-tower residential community nestled in a Zen-inspired environment along Legaspi Village in Makati that is touted to offer a seamless fusion of convenience, elegance, and security in one grand design.

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