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SM property unit sees hitting growth target


Saturday, 05 June 2010 00:00 [ manilatimes.net ]

The housing arm of the SM Group said it is on track to meet its growth target this year given the strong sales of its residential projects during the first half of the year.
“We don’t have the [second quarter] figures yet, but sales seem to be on track. Hopefully, we can be able to hit the target,” Rogelio Cabuñag, SM Development Corp. president, told The Manila Times on the sidelines of the Keppel Philippine Holdings Inc. stockholders meeting on Thursday.
SMDC Chairman Henry Sy Jr. had said the company is aiming for a 30-percent to 50-percent growth annually in the next five years given the continued demand for economic residential units and the affordability of its housing projects.
For the first quarter, SMDC’s earnings jumped 51 percent to P632 million from P419 million a year ago, buoyed by strong sales of its residential units. During the three-month period, SMDC pre-sold 3,547 residential units worth P7 billion, or 288 percent higher from a year ago.
The real estate firm recently launched four new towers of its residential condominium project Sea Residences in Pasay City, and has lined up four additional projects worth P4 billion to P8 billion under the SM Residences brand this year.
Cabuñag said SMDC would launch its newest residential brand called “My Place” in the third quarter. The new brand would offer housing units at P1 million and below to attract the “yuppies,” call center agents, professionals moving out of their parents’ homes, and investors who could rent the units out to students.
“We’re also on track with that project. We will be launching it really soon, maybe in the third quarter or even earlier,” he said.
A 20-story My Place tower will be built on a one-hectare lot in Panay Avenue, Quezon City this year, and four more projects in Metro Manila under the brand will be developed by next year.
SMDC rose from P7 to P7.1 on Friday.
Krista Angela M. Montealegre
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