Business

The Most Expensive Residential Project in the Philippines

From Ritz Towers to The Estate Makati, two leaders of large conglomerates continue the legacy of their fathers.

Artist's perspective of the Estate Makati, designed by the renowned British architect Norman Foster. The Estate Makati
The Subic Bay Times
August 11, 2020


More than 40 years ago, the Ritz Tower, a residential project of late business tycoons Henry Sy and George Ty was built in Makati City in the Philippines. It was one of the biggest joint-venture projects by the two wealthiest families in the country. Mr. Sy founded SM, a company that owns today hundreds of shopping malls and residential properties in the Philippines. While Mr. Ty created Federal Land, Inc. a company that builds townships, condominiums and other skyscrapers in the same country. But the legacy of those two tycoons will continue. To this day, their sons, Henry Sy Jr. and Alfred Ty will carry on to what their fathers started after a groundbreaking project that will build an ultra-luxury residential structure in the heart of Makati City's central business district. The design of the upcoming structure is from an architectural firm that had never built in the Philippines before. Foster + Partners is known behind many iconic structures around the world such as London's Gherkin, New York City's Hearst Tower, the Hong Kong International Airport, among others and now, The Estate in Makati City. The two companies in the Philippines tapped the architectural firm led by renowned British architect, Norman Foster for their first residential project in the Philippines. Mr. Foster is well-known for his sustainable, modern, and innovative designs. SM Prime chair Henry Sy Jr., who had collaborated with Federal Land chair Alfred Ty to make this project possible, promised that it will be the "most beautiful building in the Philippines." Living in a prestigious address of Ayala Avenue in the Philippines was the gamble of Henry Sy Jr. and Alfred Ty on building the most expensive and tallest residential project in the Philippines. Ayala Avenue in the largest central business district in Makati City, Philippines. Patrick Roque / CC-BY-SA The Estate sits on the last parcel of available land along Ayala Avenue. With its residential units starting at P90 million and going up to as much as P458 million. The project will house some of the most expensive penthouses in Asia including a "super penthouse" on the top floor of the building. The Estate Makati is a project of ST 6747 Resources Corp. a 50-50 joint project of the two companies, SM Prime Holdings, Inc. and Federal Land, Inc. The building has 54 storeys above ground with a helipad on the rooftop. The height of the building is at 276.8m making it one of the tallest buildings in the Philippines. As of March 2020, the project is ongoing construction and is expected to be completed by year 2023. Rio Hondo / CC-BY-SA Based on the current pre-selling price of over P600,000 per square meter, The bulk of the inventory, numbering 144, will be three (3)-bedroom units ranging from 178 to 224 square meters priced at P112 million to P153 million each. Meanwhile, there are eight (8) penthouses, ranging from 407 to 497 square meters or an average unit size of 450 square meters while the four four (4)-bedroom units will range with an average of 690 square meters. The most expensive unit is around P458 million. The project has 188 residential units. The units are arranged radially, which ensures every apartment is a true corner unit with panoramic 180-degree views of the city. Moreover, the parking stalls for each residential unit will have electric vehicle charging capability due to business people buying EVs from in and outside of the country, such as Tesla. According to Philippine Daily Inquirer, more than 40 percent of the inventory has already been taken up, ahead of the launch. Around P70 million is the first revenue profit of SM Prime Holdings, Inc. from the enormous and remarkable project.


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