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SM group eyes P10.5B from QC condos

Vol. XXII, No. 41 [ BusinessWorld Online ]
Monday, September 22, 2008 | MANILA, PHILIPPINES

SY-LED SM Development Corp. (SMDC) is seeking to generate as much as P10.5 billion in revenues from a residential condominium project in Quezon City.

In an interview, Project Director Ronaldo S. Araneta said the P6-billion, three-tower Grass Residences near SM City North EDSA will have 5,300 units that will be sold for P75,000 per square meter. A one-bedroom unit will have an area of 22 to 36 square meters, while the size of a three-bedroom unit will range from 66 to 69 square meters.

The buildings will have 40 stories and will rise on a 3.6-hectare lot adjacent to the mall.

Mr. Araneta said only a quarter of the land will be allotted for the buildings. The rest will be used for parks and playgrounds, landscapes featuring swimming pools, a resort clubhouse, cabañas and a pavilion.

The condominiums, he added, would be linked to SM North EDSA.

Since it started preselling in December, the first tower of Grass Residences is almost three-quarters sold, Mr. Araneta said.

About 80% of the buyers are professionals who have just started a family. The rest are Filipinos working abroad.

The first tower is expected to be turned over in March 2011 and has 1,870 units, while the second and third towers are expected to be turned over by 2012 and 2013, respectively.

"Grass Residences is the single biggest condominium complex development in the country," Mr. Araneta said.

For the first half, the property arm of SM Investments Corp. more than doubled its revenues from real estate operations to P1.8 billion, while its net income was up by more than threefold to P400 million on the back of strong pre-selling activities. Aside from Grass Residences, other projects of the SM group include Wind Residences in Tagaytay City, Berkeley Residences along Katipunan Avenue, and Sea Residences at the Mall of Asia Complex in Pasay City.

It also has Field Residences and Chateau Elysee in Parañaque, Mezza Residences across SM Sta. Mesa in Manila, and Lindenwood Residences in Muntinlupa City. On Friday, SMDC shares gained 0.95% or two centavos to close at P2.12 apiece. — Kristine Jane R. Liu

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