Biz Buzz: Ty­coon-fit res­i­dence /

Philippine Daily Inquirer - - BUSINESS - —DAXIM L. LU­CAS —DAXIML. LU­CAS

SMPrime Hold­ings and Fed­eral Land Inc.’s muchawaite­d res­i­den­tial of­fer­ing along Ayala Av­enue’s up­scale Apart­ment Ridge— touted to be the Philip­pines’ “most beau­ti­ful” sky­scraper that will stand as a legacy of their re­spec­tive founders, Hen

ry Sy Jr. and Ge­orge Ty— has yet to be launched, but the buzz is its pric­ing will break all records.

To be called “The Es­tate Makati,” the P5-bil­lion res­i­den­tial ad­dress will of­fer only 188 units at a price that will likely cost much more than buy­ing land (if a buyer can find any) in the most up­scale gated vil­lages in the me­trop­o­lis. Sources privy to the project noted that The Es­tate, slated to be launched in the sec­ond quar­ter of 2018, may be of­fered at a price of P400,000 to P450,000 a square me­ter and the min­i­mum cut ( a two-bed­room unit) isn’t likely to be puny.

This, of course, will set a new record for any con­do­minium of­fer­ing in the coun­try. It’s even more ex­pen­sive than buy­ing land in Forbes Park (P250,000 to P320,000 de­pend­ing on size) and Das­mar­iñas (test­ing P400,000 for small cuts). Thus, it’s a res­i­den­tial tower that be­fits a ty­coon.

The project com­mands a pre­mium be­cause the pro­po­nents have en­listed world-fa­mous Bri­tish ar­chi­tect Nor­man

Foster to do the project. He’s the same ar­chi­tect be­hind the re­de­vel­op­ment of Ber­lin’s Re­ich­stag along­side other iconic struc­tures around the world like New York City’s Hearst Tower, Lon­don’s City Hall and Mil­len­nium Bridge and Hong Kong In­ter­na­tional Air­port.

The Es­tate Makati will rise on a valu­able 3,500-square me­ter lot be­tween Ritz Tow­ers and Dis­cov­ery Primea, the very last par­cel of land avail­able for de­vel­op­ment in this up­scale Apart­ment Ridge. The long idle but now much more valu­able lot was a residue of the Ritz Tower ven­ture be­tween the two tycoons out­side of the prop­erty firms we now know as SM Prime and Fed­eral Land.

Ex­pected to rise at around 270 me­ters, The Es­tate Makati will be the tallest build­ing in the area, even tow­er­ing above Dis­cov­ery Primea, which dom­i­nates the Makati sky­line for now. —DORIS DUM­LAO-ABADILLA

Casino first timer

What is known by now is that for­mer Bangko Sen­tral ng Pilip­inas Gov­er­nor Amando Te­tang-

co Jr. re­cently ac­cepted a di­rec­tor­ship on the board of leisure and gam­ing firm Belle Corp.—surely the first of many board­room seats of cor­po­ra­tions want­ing a mar­quee name on their ros­ter of di­rec­tors.

What is not known is that, in the 40-odd years that he’s been work­ing, Te­tangco has not set foot even once on the gam­ing spaces of a casino es­tab­lish­ment. That’s be­cause there is a stand­ing pro­hi­bi­tion against gov­ern­ment of­fi­cials go­ing to casi­nos to gam­ble, which was re­in­forced fur­ther a few years ago when the cen­tral bank put in place rules to dis­cour­age bankers from gam­bling away money at the ta­bles or slot ma­chines.

Which bank client would want to see their branch man­ager or bank pres­i­dent rolling the dice at the high stakes ta­bles, right? That’s not ex­actly the kind of con­ser­va­tive be­hav­ior one would ex­pect from a per­son en­trusted with the hard-earned cash of clients.

In any case, Belle Corp. led by busi­ness­man Willy Ocier re­cently held a wel­come din­ner for Te­tangco at the com­pany’s City of Dreams Manila casino re­sort ho­tel. Af­ter the sump­tu­ous din­ner, the re­tired mon­e­tary reg­u­la­tor was given the grand tour of the fa­cil­ity in­clud­ing the gam­ing floor and the VIP rooms where the min­i­mum bet of high rollers are pegged at P500,000 per game (mil­lions of pe­sos, on the av­er­age, of course).

Peo­ple who were part of the en­tourage noted that Te­tangco was soak­ing it all up and ask­ing as many ques­tions as he could, es­pe­cially since it was his first time ever to ob­serve casi­nos up close (apart from watch­ing gam­ing scenes in movies).

Did he put down some cash and play a hand of cards or put down chips on the roulette ta­bles? Our source wouldn’t say. Suf­fice it to say, how­ever, that Te­tangco will be on the premises fairly reg­u­larly for Belle’s reg­u­lar board meet­ings.

And it’s not like he will just be a dec­o­ra­tive mar­quee name on the an­nual re­port of the Sy­con­trolled leisure firm.

Te­tangco’s ap­point­ment was ac­tu­ally made pos­si­ble by the va­cancy in an in­de­pen­dent di­rec­tor slot due to the pass­ing this year of man­age­ment guru Wash­ing

ton Sy­cip. And like the SGV founder, the re­tired cen­tral banker is ex­pected to be a strong voice ad­vo­cat­ing cor­po­rate gov­er­nance in a firm that deals with bil­lions of pe­sos in gam­ing rev­enues at any given time.

There’s also an­other role Te­tangco will be play­ing on Belle’s board. With the en­act­ment of the new law

against money laun­der­ing, ex­pect the cen­tral bank gov­er­nor to help the firm nav­i­gate treach­er­ous fi­nan­cial wa­ters and fend off dirty money. Af­ter all, Te­tangco did serve as the chair of the Anti-Money Laun­der­ing Coun­cil for 12 years con­cur­rent to the BSP gov­er­nor­ship.

As a perk, we’re sure Belle will give him reg­u­lar ac­cess to the world-class golf­ing fa­cil­i­ties at the firm’s Ta­gay­tay High­lands leisure de­vel­op­ment in Cavite. Work hard, play hard.

Sal­cedo Auctions’ ban­ner year

The art scene in the Philip­pines is cer­tainly alive and thriv­ing, as shown by Sal­cedo Auctions’ record-breaking re­sults in 2017.

Modern Philip­pine art re­mained the mar­ket’s hottest prop­erty, with pieces by Na­tional Artists Jose Joya and Ang

Kiukok con­sis­tently climb­ing in value. A pow­er­ful 1965 work by Joya set a new auc­tion world record for the artist last Septem­ber, sell­ing at over P22 mil­lion for a can­vas mea­sur­ing just a lit­tle over 2x2 feet. And what could be a bet­ter way to at­tract—and show­case—good for­tune than by hav­ing one of Kiukok’s aus­pi­cious paint­ings: A 1990 it­er­a­tion of Har­vest sold for P17.5 mil­lion also in Septem­ber, while a 1996 piece en­ti­tled Fish­er­men achieved P16.3 mil­lion in March.

Other ex­cep­tional sales in­clude Mauro Malang Santos’ Bar­rio Scene for P8.1 mil­lion and a Long-Haired Woman by Na­tional Artist BenCab for P16.3 mil­lion.

Also pick­ing up speed un­der the gavel and block are rare con­tem­po­rary works, as seen in the sale just a few weeks ago of a can­vas by Danilo Dalena from his “Alibang­bang Se­ries,” which fetched P3.1 mil­lion.

Need fur­ther proof that art is the best place to stash and grow your spare cash? Con­sider

Jose John Santos’ sym­bolic One Way, which was ac­quired by its orig­i­nal owner for less than P150,000 back in 2005 and sold for more than P15 mil­lion in Septem­ber, five times over its al­ready for­tu­itous P3 mil­lion pre-sale es­ti­mate.

Philip­pine fur­ni­ture and ar­ti­facts from the 18th to early 20th cen­tury con­tin­ued to pick up trac­tion at Sal­cedo, among the most re­mark­able be­ing the mas­sive 14-foot long in­tri­cate narra, molave and ka­m­agong din­ing ta­ble, which sold for a whop­ping P5.8 mil­lion, and a mango and pineap­ple mo­tif bed by leg­endary crafts­man Ah-Tay sold for P1.7 mil­lion.

Exquisite prove­nance also proved a fac­tor in el­e­vat­ing sales: Four pieces of fur­ni­ture from the es­tate of the af­flu­en­tial Don Isauro Ga­bal­don fetched a com­bined to­tal of nearly P3 mil­lion, and a Chi­nese hongmu ta­ble and chair set from the col­lec­tion of Don Jose

Paterno pulling in P1.7 mil­lion. Pieces of Philip­pine his­tor­i­cal value also made waves, with the P2.5-mil­lion sale of Pe­dro

Murillo Ve­larde’s 18th cen­tury His­to­ria de la Provin­cia de Philip­inas de la Com­pa­nia de Je­sus, which con­tained a very rare and in­tact fold out map by the leg­endary car­tog­ra­pher, and a zoomor­phic Philip­pine tribal ‘hagabi’ for P750,200—the high­est amount ever paid at a pub­lic bid­ding for a Philip­pine ethno­graphic fur­ni­ture item.

Draw­ing buy­ers both lo­cal and in­ter­na­tional, the timepieces cat­e­gory is gear­ing up for ex­cit­ing times, and see­ing as­tro­nom­i­cal growth.

Case in point: The sale of a ref­er­ence 6263 Rolex Day­tona “Paul New­man” with a Panda dial, which had bid­ders ea­gerly pil­ing onto the even­tual P22.1mil­lion sale, the high­est price ever for a watch sold at an auc­tion in the Philip­pines.

An­other note­wor­thy Rolex, an ex­tremely rare Sub­mariner “Mil­sub,” which was made for the Bri­tish Royal Navy, sold for P5.8 mil­lion while a fine Per­pet­ual Cal­en­dar Grand Com­pli­ca­tion from Patek Philippe sold for P3.7 mil­lion.

In the jew­elry cat­e­gory, unique gems and di­a­monds prove to be not only en­vi­able but also the most saleable, with a pair of pear-shaped, mar­quise di­a­mond ear­rings sell­ing for P1.7 mil­lion, an ap­prox­i­mately 19-carat tan­zan­ite cabo­chon ring for P2.2 mil­lion and a di­a­mond and black South Sea pearl bib neck­lace for P2.3 mil­lion.

The ques­tion now is: Can these records be bro­ken in 2018? Aban­gan.

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