SM AND FEDERAL LAND EXPECT STRONG SALES FROM A LUXURY PROJECT | Marvin Germo

SM AND FEDERAL LAND EXPECT STRONG SALES FROM A LUXURY PROJECT

By: Marvin Germo | June 28, 2019

Partial Selling of The Estate

The Estate, or the future tallest building in the Philippines with a height of 276.8 meters, is the latest luxury project of property companies SM Development Corporation (SMDC) and Federal Land, Inc. In fact, 40% of the project has already been sold. The fact that it is valued at P600,000 per square meter doesn’t stop investors and residents to purchase some of the units. The project is located within Apartment Ridge along Ayala Avenue in Makati and described as one of the few prime real estates in the area. No doubt that the price per SQM is that high. Let’s take a look at some of the important key points about this luxury project.

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Increasing Demand For Residential Units

It’s been a prosperous time for both SMDC and Federal Land. These two property companies have joined together through ST 6747 Resources Corporation (STRC)—the joint venture firm built for this project. One of the major reasons why both companies are expecting strong sales despite the expensiveness of the project is the interest of the domestic market. People, individuals, expats, and investors don’t hesitate to buy units for different purposes. And the companies have forecasted this already since the day they launched in September. Truly, the increasing demand for residential units is one of the advantages of SMDC and Federal Land.

About The Estate

The Estate will be a 54-story building with 188 residential units with 2 to 4 bedrooms each. The average size of the two-bedroom unit is 151 SQM and can be bought at around P90-P95.5 million. The three-bedroom, on the other hand, is 178-224 SQM in size and priced at P112-P153 million. There will be 8 penthouse suites with 3 bedrooms inside with a size of 407-497 SQM. There will be 4 penthouses with 4 bedrooms within with a size of 617-764 SQM. According to the property firms, they started to offer the units in the market at P500,000 per SQM and was able to increase it at P600,000 as of this writing.

Fast Selling Units

The units in The Estate are fast-selling. In fact, all penthouse suites have been sold already at around P400 million. There was even one buyer who bought the entire floor located on the lower level of the building. The firms have emphasized that this project is not just for the captains and rich people in the industry. It’s also for new investors who are venturing into the real estate world. Given the fact that this project is being constructed in partnership with the world’s most renowned architect Norman Robert Foster, the demand of prominent people in the country to be a part of Foster’s project will not be attained.

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