June 28, 2019 | 12:07 am [ bworldonline.com ]
AT a height of 276.8 meters, The Estate will become the
tallest building in the country. — COMPANY HANDOUT
PROPERTY firms SM Development Corp. (SMDC) and Federal Land,
Inc. have already sold about 40% of The Estate, an ultra-luxury residential
project which offers units valued at around P600,000 per square meter (sq.m.).
ST 6747 Resources Corp. (STRC) — the joint venture firm
established for the project — is developing The Estate, located within the
upscale Apartment Ridge area along Ayala Avenue and described as one of the
last pieces of prime real estate in Makati.
“There’s a lot of interest within domestic market, you have
certainly people and individuals who’ve made that choice, and then of course we
have our investors and expats and we see that coming in through the pipeline in
September, especially when we launch,” STRC Chief Operating Officer Bernie C.
Casilan said during a media roundtable in Makati yesterday.
The 54-storey building will house 188 residential units with
two to four bedrooms each. A two-bedroom unit covering 151 sq.m is priced at
about P90-95.5 million, while a three-bedroom unit sized from 178-224 sq.m will
cost anywhere from P112-153 million.
Mr. Casilan said they started selling the project at around
P500,000 per sq.m., which has since increased to north of P600,000.
The Estate will offer eight penthouse suites with three
bedrooms each, spanning from 407-497 sq.m. Four penthouse suites will have four
bedrooms each, with sizes ranging from 617-764 sq.m.
Federal Land President Pascual M. Garcia III noted that they
have already sold out all penthouse units, one of which was sold for around
P400 million. He added that one buyer alone purchased an entire floor for the
lower level units.
“It’s targeted to be the future home of not just the
captains of industry, but perhaps even new investors into the country,” Mr.
Garcia said in the same briefing.
STRC has engaged British architectural firm Foster +
Partners led by world-renowned architect Norman Robert Foster to design the
project. Mr. Garcia said this is seen to attract buyers from Asia as well.
“There are very prominent people in Asia who always want the
opportunity to be part of a Norman Foster project so we do hope this is going
to be achieved. Right now domestically, it’s much better success than we had
even anticipated so we are very encouraged by this initial reception,” Mr.
Garcia said.
At a height of 276.8 meters, Mr. Casilan said The Estate
will become the tallest building in the country. It will also have 618 parking
slots, with allocations of two to eight slots per unit.
The Estate will be the second joint venture project between
the Sy and Ty families. They first joined forces for Ritz Towers also along
Ayala Avenue.
“With the history that we’ve had between both families, this
concept would be a good opportunity for now the second generation led by the
chairman of SMDC, Mr. Henry Sy, Jr., and our chairman Mr. Alfred Ty to
collaborate in this particular effort,” Mr. Garcia said.
Units are expected to be turned over by 2023. — Arra
B. Francia
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