MANILA -- The real estate development arms of two of the country’s top conglomerates, SM Investments Corporation and GT Capital Holdings Inc., have joined forces to develop a luxury residential project in Makati Central Business District, touted as the most expensive one to date.
SM Development Corporation (SMDC) and Federal Land Inc. have started building the 54-floor The Estate Makati and have tapped award-winning architectural firm Foster + Partners for the design.
“The delivery of this will be in December 2023. Construction and excavation already began so (the project will be completed) roughly 4 to 4.5 years,” Federal Land Senior Vice President John Frederick Cabato told reporters on Thursday.
Cabato bared that already 40 percent of a total 188 residential units were sold even before the project launch targeted by September.
“I think it’s a very good sign for the property,” he said. “There is a lot of interests within the domestic market.”
Cabato said they expect to sell out the residential units within the next two to three years.
The Estate Makati will offer two-bedroom units with a floor area of 151 square meters (sqm) and priced at PHP90 million to PHP95.5 million each. It will have a total of 144 three-bedroom units ranging from 178 to 224 sqm and priced at PHP112 million to PHP153 million.
Cabato noted project price already nears PHP600,000 per square meter. (PNA)
