GT Capital, SMIC explore future partnership
GT Capital Holdings Inc. and SM Investments Corp., two of the country’s biggest conglomerates, are in talks for future partnerships after successfully teaming up for The Estate, a posh residential condominium touted to be the jewel of the Makati skyline.
Plans are already underway for future projects, according to Federal Land president Pascual Garcia III.
“There are discussions already. There will probably be announcements in the second half of the year,” Garcia said.
He said that this would be another iconic property project, but declined to provide the possible sites for the next joint development of the two conglomerates.
Last week, the two conglomerates launched The Estate Makati, a multibillion luxury residential tower that will rise along Ayala Avenue and which is envisioned to be an iconic landmark in the heart of the Makati Central Business District.
The project, targeted for turnover in 2023, is spearheaded by the two conglomerates’ respective property companies, Federal Land Inc. and SM Development Corp.
Garcia said The Estate is the second landmark partnership between the two groups, taking off from the first joint venture, The Ritz which was spearheaded by 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 said during the launch.
For the future partnership, Garcia said that it may also include commercial developments.
However, he declined to provide details but merely said there would indeed be more collaboration between the two conglomerates on top of The Estate.
Garcia said Federal Land does not compete with the projects of the SM Group, which is why it is a healthy partnership. Both Federal Land and the SM’s SM Development Corp. are property companies but targeting different markets.
Federal Land is behind some luxury residential projects and hotels such as Grand Hyatt Hotels and Grand Hyatt Manila Residences among other developments, while SMDC is a major condominium developer with projects catering to the lower to mid income markets.
The Estate, said to be the tallest in the country 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 bedrooms.
The two-bedroom units have a floor area of 151 square meters and are priced at P90 million to P95.5 million each. The threebedroom 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 fourbedroom units will range from 617 to 764 sqm or an average of 690 sqm.
Proponents have tapped award-winning architectural firm Foster + Partners for a design which would cement their legacies, while Consunji-owned DM Construction has been tapped as the general contractor.
Officials declined to provide details on the project cost, but it is estimated to be no less than P10 billion while sales value is estimated at no less than P20 billion.
Federal Land senior vice president John Frederick Cabato said the project is targeting the upscale market including existing and future captains of industries.