GT Capital, SM team up for upscale Makati condo

MANILA, Philippines — 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 four-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 Consunji-owned 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 a helipad and service elevators that can accommodate the full size of a stretcher in case of medical emergencies.

The building’s parking facility is equipped to handle electric vehicle charging needs, with a charging point provision for each unit owner. There will be a total of 618 parking slots with allocations of two to eights slots per unit, depending on its size. There will also be guest parking slots.

The Estate Makati has 54 floors above ground.

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.

It also boasts of a double-slab technology which conceals things like utilities, plumbing, and electricals in between double slabs of concrete.

Furthemore, the unit layout can be customized according to the wishes of the homeowner.

Federal Land senior vice president John Frederick Cabato said the project is targeting the upscale market, including existing and future captains of industries.

Turnover is slated in 2023.