The Philippines is currently one of the hottest markets in the luxury real estate market, with demand for luxury condominiums surging, outpacing major markets such as Dubai, Hong Kong and Singapore.
According to Knight Frank’s Wealth Report 2024, luxury real estate prices in Manila rose 26% year-on-year, followed by Dubai, which rose 16% over the same period.
One of the reasons for this surge in demand is the changing investment environment in the Philippines, which introduced new regulations that allow foreign investors, both corporate and individual, to purchase real estate for investment and personal use. . These properties are limited to condos and townhouses, but are typically located in business districts or upscale residential areas and developed to high specifications with top-of-the-line amenities.
The development site near a leafy village inspired a design that recreates the privacy and intimacy of a garden.
One of the most notable new developments to hit the luxury real estate market is The Estate Makati (TEM), located on upscale Ayala Avenue in the heart of Makati’s central business district. Makati is the capital’s business and lifestyle hub, home to embassies, multinational corporations, upscale shopping malls and restaurants, making it one of the Philippines’ most prestigious addresses.
TEM is a joint venture between Philippine real estate developers SM Development and Federation Land, who collaborated with Foster + Partners to transform their vision into an architectural masterpiece. The work of internationally renowned architects, led by Norman Foster, has helped shape the landscape of cities around the world. This includes the Gherkin in London. Its spiral façade design increased ventilation, reduced the need for air conditioning, and helped establish a blueprint for green buildings. HSBC headquarters in Hong Kong. and Apple Park in California’s Silicon Valley.
This is Foster + Partners’ first project in the Philippines, and the practice brings the company’s philosophy of redefining the relationship between buildings and people through cutting-edge design that represents a new generation of sustainable structures. Masu. The development is located in the commercial district of Ayala Avenue and also near a quiet residential village with low-rise homes and gardens. Inspired by this setting, Foster + Partners decided to recreate the intimacy of a private home within a high-rise building by designing an outdoor garden space for residents to use.
Renderings showing interior design ideas in development.
The 60-story building is expected to reshape Makati’s skyline and set new standards for luxury real estate and architecture in the country. TEM consists of 188 two- and three-bedroom units, as well as duplex and penthouse suites. A tree-lined driveway leads residents to the ground-floor entrance. The entrance is elevated above road level and offers views over the village. It leads to a series of small spaces connected by water and greenery, aimed at creating the privacy of a private garden. Four rows of elevators take residents directly to private lobbies and apartments.
