Donald Trump Jr. and Eric Trump, sons of billionaire real estate developer Donald Trump, led the groundbreaking ceremony this week of their latest project, Trump Tower Manila. The project is a $150 million residential development that will rise in Makati, a part of the metropolitan area of Manila.

The Trump boys are both executive vice presidents for development and acquisitions for the Trump Organization and are working with Century Properties, a Philippines-based developer family, to complete the project.

"We're really excited to bring the Trump brand to the Philippines," Donald Jr. said during the press briefing at the Manila Peninsula.

At 56 stories, Trump Tower Manila is poised to be the highest residential development in the country. The developers intend to use the project to bring New York-style luxury to the Philippines.

"The fact that a Trump-branded development is rising in the Philippines is a testament to the increased confidence of the international sector in our country's potential to become a world-class destination," said Filipino developer and project head Robbie Antonio.

The project has already sold 70 percent of the units since it was launched eight months ago, chairman Jose E.B. Antonio told the media. The 220 residential units are priced at around PHP200,000 ($4,700) per square meter (about $450 per square foot), according to the local press.

Donald Trump, Sr. appeared at the groundbreaking ceremony via video.

The Trump Company produced a promotional video for the project with nice images of the proposed tower: