[ malaya.com.ph ] April 18, 2008
SM Development Corp. is replicating its Mezza-type development in two new projects the company is looking to develop towards the latter part of the year.
Rogelio Cabunag, president of SMDC, said SMDC will build Field and Sea Residences, both mid-rise residential condominium projects that will highlight the projects’ proximity to the public common convergence point – SM malls.
SMDC earlier announced that it has allocated P3 billion as capital expenditures for the year for its list of projects, which include two others in Tagaytay and Baguio, the launching of which are still being planned.
Field Residences is a seven-hectare development beside SM Sucat mall and will be composed of six clusters of 15-storey condo units with combined available units of 1,700.
Meanwhile, Sea Residences will be a six-cluster project to be constructed in the vicinity of SM Mall of Asia with total available units of 2,600. The Sea Residences will be developed in three phases, with the first phase slated for completion by 2010.
SMDC plans to develop their projects around its chain of SM malls around the country, leveraging on the Filipinos’ habit of going to malls to pass time.
SMDC’s maiden offering of such concept was the Mezza Residences located in front of SM Sta. Mesa mall.
Mezza is a 2,420 unit, four 38-storey towers connected by a retail podium.
Sales for the residences, by end of 2007, have reached P1.6 billion.
Meanwhile, SMDC said it is looking to generate P2.3 billion from its Berkeley Residences project along Katipunan Avenue in Quezon City.
Launched late last year, Berkeley Residences is a 35-storey condominium that is marketed primarily for families with students studying at schools located in the Katipunan area – Ateneo de Manila University, Miriam College and the University of the Philippines.
Berkeley offers a total of 1,063 studios, one-bedroom and two-bedroom units sold between P1.5 million and P3.5 million.
The P1.36-billion project has been 53-percent sold since November, according to Cabuñag, with turnover set for December 2010.
___________________________________________________________________
