here’s an interesting article from business.inquirer.net correspondent from Doris Dumlao Abadilla on an upcoming development on the last parcel of land along the posh area Apartment Ridge area as two taipans form a joint venture and tap world-renowned Architect to build iconic project in Makati City.
“Most Beautiful’ Skyscraper in Philippine Set”
Property giants SM Prime Holdings and Federal Land Inc. have teamed up to build what is envisioned to be the Philippines’ “most beautiful” skyscraper that will stand as a legacy of their respective founders, Henry Sy Jr. and George Ty: A P5-billion luxury residential tower along Ayala Avenue.
The new project will rise on a valuable 3,500-square meter lot between Ritz Towers and Discovery Primea, considered the very last parcel of land available for development in this upscale area called Apartment Ridge.
In an interview with the Inquirer at the sidelines of SM Prime’s annual stockholders’ meeting last week, SM Prime chair Henry Sy Jr. said this would be “the most beautiful building ever in the Philippines.”
Sy had announced in a press briefing after the stockholders’ meeting that SM Prime—now one of the largest property developers in Southeast Asia—would enter the upscale residential property development business this year.
The “best architect in the world,” referring to famous British architect Norman Foster, has been hired to do the project, Sy said. “He normally makes one or two buildings per city but no more than that,” he added.
Foster was responsible for the redevelopment of Berlin’s Reichstag alongside other iconic structures around the world like New York City’s Hearst Tower, London’s City Hall and Millennium Bridge and Hong Kong International Airport.
In the Philippines, the luxury building will rise on a 3,500-hectare idle land that has been jointly owned by the Ty and Sy families since the 1980s. It will be a 50-50 venture with the Ty group, Sy said.
Although this will be the first time for SM Prime and Federal Land to collaborate on a property project, the Sy and Ty families have worked together previously. They jointly invested to develop the upscale Ritz Tower decades ago under different privately held companies. The long idle but now much more valuable lot was a residue of the Ritz Tower venture.
“We are very, very excited because it brings Metro Manila into the [global] map,” Federal Land president Pascual Garcia II said in a separate interview. “It’s sort of a coming out for the Philippines.”
Garcia noted that Foster was a much-sought and globally recognized architect who had a very good following in every city where he would build on.
The project cost is around P5 billion based on preliminary estimates, Garcia said, adding that this would be the tallest tower in the area, standing at around 270 meters or a couple of floors higher than the neighboring Discovery Primea.
Garcia added that this would be the most luxurious residential apartment in the metropolis, offering only 180 units to discerning buyers.
Target launch of the luxury residential project is the end of this year or the first quarter of 2018 at the latest.
“It will be a legacy of Mr. Sy and Mr. Ty,” Garcia said, referring to the respective founders of SM Investments Corp. and GT Capital, the parent holding firms of SM Prime and Federal Land.
The key drivers of this project are second-generation tycoons Henry Sy Jr. and Alfred Ty.
In the case of Federal Land, the property group has an ongoing luxury residential project in BGC called the Hyatt Residences project.
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