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SMDC on track to hit sales target by yearend

Posted on October 05, 2011 09:06:54 PM [ BusinessWorld Online ]

SM DEVELOPMENT Corp. (SMDC) aims to post double-digit growth in housing unit sales by yearend on the back of continued construction work in Metro Manila, a company official yesterday said.
The firm is on track to sell 11,000 to 12,000 condominium units by December, Jose T. Gabionza, SMDC vice-president for business and development, said in a telephone interview yesterday.

“This is an estimated 10% to 20% growth from our previous year’s sale,” he added. SMDC realized the sale of 10,338 residential units worth P21.8 billion, an earlier report showed.

“We want to preserve our status as the country’s top condominium developer. We’re always working hard in order to maintain this,” Mr. Gabionza said.

The developer reportedly ranked first in terms of volume of Metro Manila condominium units sold and sales values in the first semester, a position it has held since 2009 according to a report property consultancy firm Colliers International Philippines released late last week.

SMDC sold 4,117 residential condominium units worth P9 billion, capturing a 22% market share in the residential condominium segment versus 90 other players, the report claimed.

This comes as its developments Berkeley Residences, Chateau Elysee, Mezza Residences, Field Residences, Grass Residences and Sea Residences are reporteldy ready for occupancy this year.

Mr. Gabionza went on to hail the recently approved House Bill 3189 which seeks to extend the 20% socialized housing requirement for real estate firms to include condominium developers, adding that SMDC has already been in compliance with this provision via its My Place mass housing brand.

“We welcome the whole socialized housing concept under the new law, as long as the projects are applicable, marketable, and feasible,” Mr. Gabionza said.

The firm posted a 54% growth in its consolidated net income of P1.93 billion for the first half of 2011, as against P1.25 billion realized during the same period in 2010.

Its consolidated revenues increased by a hefty 65% to P7.14 billion.

Revenues from real estate operations surged by 67% to P6.86 billion.

SMDC attributed its first-half performance to “increased momentum in the construction of various projects in Metro Manila and Tagaytay City.”

The company’s shares rose by 0.14% P7.19 yesterday.
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