Headlines Property

Sy-blings book first P70M income from ultra-luxury condo ‘The Estate’

The Sy-blings have booked their first profits from The Estate, a year after launching the country’s most expensive condo.

SM Development Corp. reported P71 million from its aggregate share in profit for the six-month period ended June 30, 2020 from The Estate.

RELATED STORY: Prices of Sy-Ty luxury condo The Estate soar close to P700,000 per sqm

The Estate is a partnership between the Sy-blings and the Ty family where each party shall have 50 percent ownership interest in ST 6747 Resources Corp. (STRC) which was formed in 2016. The luxury skyscraper on Makati’s apartment ridge (with a rare Ayala Avenue access) has a carrying value of P1.571 billion in SMDC’s books.

It is designed by British architectural firm Foster + Partners. The 616-square meter super penthouse had an initial offer price of P330 million when it was launched in the fourth quarter of 2019.
The project is set for completion in 2023.

The breath-taking Queen Elizabeth II Great Court at the heart of London’s British Museum.

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