GT Capital, SM team up for upscale Makati condo
Two of the country’s biggest conglomerates, the Ty-controlled GT Capital Holdings Inc. and the Sy-owned SM Investments Corp., have teamed up for an uber posh residential condominium touted to be the next jewel of the Makati skyline.
Dubbed as The Estate Makati, the multibillion project is a luxury residential tower that will rise along Ayala Avenue and is envisioned to be an iconic landmark in the heart of the Makati Central Business District, officials said in a press briefing yesterday.
The project is spearheaded by the two conglomerates’ respective property companies, Federal Land Inc. and SM Development Corp.
Federal Land president Pascual Garcia III said the project takes off from the history of engagement between the founders of GT Capital and the SM Group, the late tycoons George Ty and Henry Sy Sr., respectively.
“We’ve had a long history of engagement with the Sy family. The first project was The Ritz and with that history, it was decided that the second generation collaborates on this too,” Garcia told reporters yesterday.
The residential tower, said to be the tallest in Makati at 276.8 meters, will have 188 units for sale, consisting of 144 three-bedroom units, 36 two-bedroom units, four sub-penthouse units each with three bedroom units and four super penthouse units each with four bedroom units.
The two-bedroom units have a floor area of 151 square meters and are priced at P90 million to P95.5 million each. The three-bedroom units range from 178 sqm to 224 sqm, priced at P112 million to P153 million each.
There will be eight penthouse suites consisting of three-bedroom units ranging from 407 to 497 sqm, or an average unit size of 450 sqm, while the four foura bedroom units will range from 617 to 764 sqm or an average of 690 sqm.
Proponents have tapped award-winning architectural firm Foster + Partners for the design which would cement their legacies, while Consunjiowned DM Construction has been tapped as the general contractor.
The result is a marvel of engineering, making use of technologies which will mark many firsts in the Philippine real estate industry, said project architect Gary Joseph Coscolluela.
For Foster + Partners, it will be a building “literally shaped by the sun” which meant orienting the structure in such a manner to minimize exposure to the sun’s rays. The firm also used double-glazed windows throughout the structure to reduce the flow of heat and external noise entering the building’s façade.
Garcia said the luxury residential tower is designed for affluent individuals looking to own a prime, one-of-a-kind piece of Makati real estate, that speaks of privacy, exclusivity and product superiority.
Bernie Basilan, COO of ST 6747 Resources Corp., the joint venture company, said the building would also have