by Jenniffer B. Austria
[ manilstandardtoday.com ] November 3, 2009
SM Development Corp., the property arm of retail tycoon Henry Sy, has acquired three new properties worth close to P2 billion to support the company’s aggressive expansion.
Jose Gabionza, SM Development vice president for business planning and special projects, said in an e-mail that company had purchased three sites in Mandaluyong, Manila and Makati for its SM Residences brand.
The company bought a one-hectare property near Welcome Rotonda in Quezon City, where it plans to build two residential condominiums under the Sun Residences brand.
Jazz Residences, meanwhile, is located on a two-hectare lot along Jupiter Street in Makati City. SM Development plans to build four residential towers on the lot.
The third acquisition is located on a two-hectare property in Mandaluyong City near the Boni Station of MRT 3, where the company plans to build Light Residences.
“The three properties are already with us and the combined cost of the three lots is close to P2 billion. We purchased these properties at market values,” Gabionza said.
He said the company was finalizing the development cost for the residential towers.
The company has several on-going projects, including Chateau Elysee, a six-cluster mid-rise condominium project in Parañaque City, Berkeley Residences in Katipunan Road and Grass Residences beside SM City North Edsa.
Newer projects include Sea Residences near the Mall of Asia Complex in Pasay City, Field Residences in Sucat, Parañaque City, Lindenwood Residences, which is a residential subdivision in Muntinlupa City, and Mezza Residences, across SM City Sta. Mesa.
Other projects scheduled for launching this year are Princeton Residences beside Gilmore LRT-2 Station along Aurora Boulevard in Quezon City, and Wind Residences in Tagaytay City.
The company earlier reported that net income in the first nine months of the year surged 5,900 percent to P1.4 billion from just P23 million year-on-year on strong sales of its residential condominium projects.
Consolidated revenues grew 78 percent to P4.1 billion while net income from real estate operations jumped 83 percent to P1.1 billion from P607 million on year. The company’s reservation sales doubled to 3,708 units in the first nine months of 2009. The recovery of the financial markets has also contributed to the company’s positive financial performance.
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