By Zinnia B. Dela Peña (The Philippine Star) Updated April 13, 2011 12:00 AM
MANILA, Philippines - SM Development Corp. (SMDC), the residential development arm of the Sy family’s SM Investments Corp., sold the most number of residential condominium units in Metro Manila last year, according to a recent study conducted by property consultant Colliers International Philippines.
This marks the second consecutive time SMDC took the number one spot in a similar study by Colliers.
“SMDC has maintained its sales momentum, having sold more than 9,000 residential condominium units in 2010, nearly double its full year 2009 sales of 4,700 units,” Colliers said in its report.
“Given this figure, the company has a 23- percent market share of the approximately 40,000 residential condominium units sold last year. SMDC’s strategy of affordable pricing coupled with flexible payment terms continues to attract market reception.”
SMDC firmly intends to provide more high-quality homes in prime locations at affordable prices under its SM Residences and MPlace brands, which have steadily attracted a loyal following.
Bullish on the property market, SMDC is aiming to sell more than 10,000 residential units this year, exceeding sales for 2010.
For this year, SMDC is eyeing a net profit of P4 billion, 33 percent higher than the previous year. Sales are likewise forecast to grow to P25 billion-P30 billion, from P22 billion a year earlier.
SMDC has lined up five new projects this year, including MPlace Bicutan beside SM Bicutan and MPlace Ortigas, as well as a new project in Makati and the expansion of Mezza Residences in Sta. Mesa, Manila.
Other projects in the pipeline include Wind Residences, a nine-tower, 20-story condominium building in Tagaytay City with an estimated development cost of P12 billion. The project, which falls under SMDC‘s SM Residences brands, will offer a total of 7,758 units when completed in 2015.
With a portfolio of 14 residential projects, the company has already completed its first high-rise development, Mezza. SMDC is set to turn over to customers the last cluster development of mid-rise project Chateau Elysee in Bicutan within the first half.
Also scheduled for turnover this year are Berkeley Residences in the first quarter, Grass Residences Tower 1 in the middle of the year, and Field Residences Tower 2 and 3 in the first half and second half this year, respectively.
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