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SM’s P6.2B projects get perks

[ Malaya.com.ph ] April 19, 2011
SM Development Corp. has obtained incentives for three housing projects in Metro Manila worth P6.2 billion.
SMDC entered three separate registrations with the Board of Investments, bringing to 16 the number of housing projects registered with the BOI.
The biggest is the P2.54-billion Jazz Residences Tower B at the corner of Nicanor Garcia street and Metropolitan avenue in Barangay Bel-Air, Makati City, which involves the development of 6,708 square meters of land and the construction of a 40-story condominium building.
The project will have 1,727 residential units, of which 1,656 are qualified for registration with selling prices of P2.l million and P2.9 million.
The remaining 71 units will have prices above P3 million.
The housing units will have one-bedroom units with floor areas measuring 23.73 square meters and 32.53 sq.m. Each unit will have one bedroom, a toilet and bath, a living room, a dining area, and a tiled kitchen counter with stainless kitchen sink. The estimated construction cost using the conventional system is P35,761 per sq.m.
This proposed project is adjacent to Jazz Residences Towers A, C and D and will share amenities and facilities with Tower B.
The P2.584 billion investment covers land cost, pre-operating expenses, site preparation, capital equipment, building construction and working capital, and has a manpower requirement of 716 employees.
The project is expected to start commercial operation in December this year.
SMDC is investing another P2.44 billion for Sun Residences Tower 2 to be located in España boulevard corner Mayon street, Barangay Sta. Teresita, Quezon City.
The proposed project is adjacent to its existing BOI-registered housing project, the Sun Residences Tower 1, and will share common facilities and amenities with Tower 1.
The proposed project involves the development of 4,477 sq.m. of land and the construction of one condominium building with 40 stories that will have a total of 1,982 residential units.
Only 1,947 units are low-cost/economic housing units with package prices ranging from P1.7 million to P2.5 million each.
Of the 1,947 units, 525 will have floor areas of 10 to 20.64 sq.m. while 1,422 will be one-bedroom units with floor areas of 24.34 to 30.07 sq.m. each.
The P2.44 billion covers land cost, pre-operating expenses, site preparation, capital equipment, building construction and working capital. The estimated construction cost is P32,990 per sq.m. It has a manpower requirement of 716 employees.
The project is expected to start commercial operation in October this year.
The third project costing P1.18 billion is My Place @ South Triangle Towers C and D on Panay avenue, Barangay South Triangle, Quezon City.
It involves the development of 3,666 sq.m. of land and the construction of two condominium buildings with 25 stories each. The facility will accommodate 1,540 low-cost/economic housing units with package price ranging from P1 million to P2.7 million each.
The housing units will be composed of studio type, one-bedroom and two -bedroom units with floor areas ranging from 20 sq.m and 30.52 sq.m. for the studio type, 23.47 sq.m. and 39.16 sq.m. for one-bedroom units and 36.92 sq.m. and 50.85 sq.m. for two-bedroom units.
The construction cost using the conventional system is P19,931.89 per sq. m.
This proposed project is adjacent to My Place @ South Triangle blocks 1 and 2, its existing registered housing project on Panay avenue, and will share common facilities such as gate, main roads and amenities.
The P1.18-billion investment covers land cost, pre-operating expenses, site preparation, capital equipment, building construction and working capital and has a manpower requirement of 371 employees.
The project is expected to start commercial operation in December this year.
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