MANILA, Philippines — Two of the country’s richest families, the Sy and the Ty clans, have partnered anew, this time to develop a 600-hectare township in Gen. Trias, Cavite.
Federal Land Inc., the property subsidiary of Ty-owned GT Capital Holdings Inc., and the Sy Group’s SM Prime Holdings Inc. have banded together to develop Riverpark, a mixed-use estate that would ride on the growing preference for new hubs in Southern Luzon.
SM Prime president Jeffrey Lim told The STAR that SM Prime and its residential arm SM Development Corp. would handle the development of the mall, school (National University) and SMDC residences.
The proponents recently held a groundbreaking ceremony for the first phase of the project. Present during the event were Federal Land chairman Alfred Ty; president and COO Thomas Mirasol; SMDC president Jose Mari Banzon; SMDC executive vice president and head of project development Grace Evangeline Sta Ana; Gen. Trias Mayor Luis Ferrer IV and Cavite 6th District Rep. Antonio Ferrer.
The Riverpark project will have commercial and residential spaces, as well as different institutions such as schools and hospitals.
Both Federal Land and SM Prime Holdings have a presence in Cavite. Federal Land has put up Florida Sun Estates, a mixed use development that also has residential buildings and commercial properties, while SM has malls and residential developments in the province.
Prior to their Riverpark partnership, the groups have teamed up for The Estate Makati, a multi-billion peso luxury residential tower set to rise along Ayala Avenue and is envisioned to be an iconic landmark in the heart of the Makati Central Business District.
The Estate Makati is spearheaded by Federal Land and SM Development Corp. It has a residential tower, said to be the tallest in Makati, at 276.8 meters.
It 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.