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SM to build more condos for ‘yuppies’

Posted on 09:25 PM, June 22, 2010 [ BusinessWorld Online ]

SM Development Corp., the listed property arm of the Henry Sy-led SM mall and banking group, may build two more condominium projects for its newest market -- young professionals -- this year, executives said yesterday.
The announcement was made as the listed property developer launched the first project under its new residential brand “My Place,” which offers “independent living” for young and single homeowners.
The P2-billion My Place South Triangle is expected to widen the market base of the three-year-old property developer.
SM Development may start five projects this year, of which one or two may be My Place condominiums. “If the sales are strong, we will finish them before next year,” Henry T. Sy, Jr., vice-chairman and chief executive of SM Development, said in a press briefing.
Four of the next projects will be in Quezon City while one is still under negotiation.
“In ordinary situations, probably we will launch one to two My Place projects,” Mr. Sy said.
Under the master plan of SM Development, Mr. Sy said “all our projects are always near the mall. If we do not have a mall, we will put a supermarket below.”
“My Place South Triangle is SM Development’s first project under its My Place brand, which embodies the company’s pioneering concept to tap a younger market that yearns for independent living,” SM Development President Rogelio R. Cabuñag said in a statement yesterday.
“My Place South Triangle is a four-tower condominium project that occupies about a hectare of land,” the property firm told the local bourse yesterday. The proposed four towers will have 3,000 units for sale.
The project is adjacent to Panay Avenue and Mother Ignacia Street in Quezon City. The firm will sell studio, studio with garden, one-bedroom, one-bedroom “L-type,” and two-bedroom units.
Pre-selling prices for the units will start at P1 million for 20- to 40-square-meter units.
Construction of My Place South Triangle will start in the fourth quarter and the first phase will be completed in the first half of 2013.
Amenities in My Place include a swimming pool, a garden lounge, jogging path, a children’s playground, and wireless Internet connection in common areas. Commercial and retail spaces will be located at the ground floor.
Early this month, SM Development said it would launch the third high-rise tower of its P6.8-billion Light Residences in Mandaluyong.
Late last month, SM Development secured P10 billion from corporate notes. The SM group might unload shares equivalent to 5% to 10% in its property arm to raise a minimum of P1 billion to buy more land.
SM Development has so far built 11 condominium projects.
Mr. Sy said the property developer was looking at starting its first provincial project early next year, preferably in Cebu and Davao.
“I bought some properties already in Cebu and Davao,” he said.
Shares in SM Development -- whose profits rose by more than half in the first quarter to P632 million due to revenue streams from new projects -- closed higher at P7.20 each yesterday from P7 on Monday. -- Neil Jerome C. Morales
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