Vol. XXI, No. 228 [ Business World Online ]
Friday, June 20, 2008 | MANILA, PHILIPPINES
SM DEVELOPMENT Corp. (SMDC), the real estate unit of the SM Group, will spend at least P3 billion for its new residential condominium project within the Mall of Asia Complex in Pasay.
Sea Residences is SM Development’s sixth residential project in Metro Manila and the first of planned residential developments that will rise at the Mall of Asia.
SM Development President Rogelio R. Cabuñag said Sea Residences will be in the midst of a busy area close to the SM Mall of Asia and the planned entertainment city of state-run Philippine Amusement and Gaming Corp., which makes it "a good market for residential units."
To rise on a 1.8-hectare lot on Diokno Boulevard, Sea Residences will consist of six 15-story towers with 2,580 units in "modern tropical Australian architecture."
Of the total number of units, 2,188 are one-bedroom while 392 are two-bedroom with a balcony.
SM Development Assistant Vice-President Adelaida Cobres, project director of Sea Residences, said the company expects sales to reach P800 million this year from the first of the planned three phases of the project.
Up for completion by 2011, the first phase represents 30% of approximately 1,100 units available in Towers A and B and podium level areas.
The average price per square meter at Sea Residences is pegged at P83,000.
This year, SMDC plans to launch Field Residences on a seven-hectare property behind SM City Sucat in Parañaque. It will be composed of six clusters of 15-story condominium units with combined available units of 1,700.
Meanwhile the design for the planned Wind Residences in Tagaytay City is expected to be completed this year. "We hope to start work on it by next year," Mr. Cabuñag said.
Other projects of SM Development include Berkeley Residences on Katipunan Avenue, Grass Residences beside SM North EDSA, Mezza Residences across SM Sta. Mesa and Chateau Elysee in Parañaque. — Lovely Nica P. Lee
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