PROPERTY firms SM Development Corp. (SMDC) and Federal Land, Inc. have already sold about 40% of The Estate, an ultra-luxury residential project which offers units valued at around P600,000 per square meter (sq.m.).

ST 6747 Resources Corp. (STRC) — the joint venture firm established for the project — is developing The Estate, located within the upscale Apartment Ridge area along Ayala Avenue and described as one of the last pieces of prime real estate in Makati.

“There’s a lot of interest within domestic market, you have certainly people and individuals who’ve made that choice, and then of course we have our investors and expats and we see that coming in through the pipeline in September, especially when we launch,” STRC Chief Operating Officer Bernie C. Basilan said during a media roundtable in Makati yesterday.

The 54-storey building will house 188 residential units with two to four bedrooms each. A two-bedroom unit covering 151 sq.m is priced at about P90-95.5 million, while a three-bedroom unit sized from 178-224 sq.m will cost anywhere from P112-153 million.

Mr. Basilan said they started selling the project at around P500,000 per sq.m., which has since increased to north of P600,000.

The Estate will offer eight penthouse suites with three bedrooms each, spanning from 407-497 sq.m. Four penthouse suites will have four bedrooms each, with sizes ranging from 617-764 sq.m.

Federal Land President Pascual M. Garcia III noted that they have already sold out all penthouse units, one of which was sold for around P400 million. He added that one buyer alone purchased an entire floor for the lower level units.

“It’s targeted to be the future home of not just the captains of industry, but perhaps even new investors into the country,” Mr. Garcia said in the same briefing.

STRC has engaged British architectural firm Foster + Partners led by world-renowned architect Norman Robert Foster to design the project. Mr. Garcia said this is seen to attract buyers from Asia as well.

“There are very prominent people in Asia who always want the opportunity to be part of a Norman Foster project so we do hope this is going to be achieved. Right now domestically, it’s much better success than we had even anticipated so we are very encouraged by this initial reception,” Mr. Garcia said.

At a height of 276.8 meters, Mr. Basilan said The Estate will become the tallest building in the country. It will also have 618 parking slots, with allocations of two to eight slots per unit.

The Estate will be the second joint venture project between the Sy and Ty families. They first joined forces for Ritz Towers also along Ayala Avenue.

“With the history that we’ve had between both families, this concept would be a good opportunity for now the second generation led by the chairman of SMDC, Mr. Henry Sy, Jr., and our chairman Mr. Alfred Ty to collaborate in this particular effort,” Mr. Garcia said.

Units are expected to be turned over by 2023. — Arra B. Francia