Monday, August 18, 2008 [ manilatimes.net ]
SM Development Corp. (SMDC), the mid-market property unit of the SM group, is aiming to pre-sell half of its inventory of condominiums.
Jose Gabionza, SMDC vice president for finance, said the company may sell 50 percent of Field and Sea Residences through pre-selling, with turnover seen by December next year and in 2011, respectively.
To date, SMDC is still waiting for its license to sell from the Housing and Land Use Regulatory Board.
The P3-billion Sea Residences is the company’s sixth residential project in Metro Manila and the first in the Mall of Asia complex. When finished, Sea Residences will have 2,188 one-bedroom units and 392 two-bedroom units.
Adelaida Cobres, SMDC assistant vice president, earlier said the company expects Sea Residences’ sales to reach P800 million this year from the first of the three phases that represents 30 percent of approximately 1,100 units available in Towers A and B and the podium level areas.
Average price per square meter at Sea Residences is pegged at P83,000.
Field Residences, meanwhile, is a seven-hectare development beside SM Sucat mall and will be composed of six clusters of 15-story condo units with combined available units of 1,700.
Field and Sea Residences are both mid-rise residential condominium projects that will highlight the projects’ proximity to SM malls.
SMDC launched the Sea and Field Residences last week. In the pipeline is the Wind Residences, which will rise in Tagaytay City
In the first semester of the year, SMDC’s real-estate sales jumped 125 percent year-on-year to P575 million, translating to a net income of P14 million. -- Chino S. Leyco
