When the Sys and the Tys Come Together: The Philippines' Most Expensive Residential Project Is from Two of the Country's Wealthiest Families
The late tycoons Henry Sy Sr. and George Ty first worked together on a real estate project nearly 40 years ago with The Ritz, an upscale residential property in Makati City.
Today, their sons Henry Sy Jr., chairman of SM Prime, and Alfred Ty, chairman of Federal Land, are carrying on the legacy of their fathers with another groundbreaking project.
The Estate is an ultra-luxurious residential tower that sits on the last parcel of available land along Ayala Avenue. With units starting at a cool P90 million and going up to as much as P458 million, the 54-storey tower is touted as the tallest and most expensive residential property in the country. It is a project of ST 6747 Resources Corp., a 50-50 joint venture firm by SM Prime and Federal Land.
At a thanksgiving event for the project, where future residents of the tower were invited, Ty said the project is a continuation of the partnership between his family and the Sys that began four decades ago.
“It’s meant to happen this way,” he told Esquire Philippines. “It’s destiny.”
Designed by world-famous architect Norman Foster of Foster + Partners—who is behind other notable projects like Berlin’s Reichstag, London’s Millennium Bridge and The Gherkin, Shanghai’s The Bund Financial Center, and the Hong Kong International Airport—The Estate broke ground last year and is targeted to be completed by 2023.
Plans for the building include column-free units that offer unobstructed views of the Makati skyline, double slab technology that provides residents the chance to modify the layout of their unit according to their lifestyle preferences, and, according to Ty, a corresponding parking space for each bedroom of a residential unit (with two parking spaces allotted for each master bedroom).
A report in the Philippine Daily Inquirer in July said that, despite the sky-high price tag, about 40 percent of the 188 residential units have already been reserved, with all of the penthouse suites the first to have been sold out.
At the party held at the Grand Hyatt Hotel, members of the West End production of Let It Be: A Celebration of the Music of The Beatles performed an exclusive medley of songs by the Fab Four.
Officials said Ty saw the production in London and loved it so much he invited the group to perform for The Estate’s valued clients.