by Jenniffer B. Austria
[ manilastandardtoday.com ] November 22, 2011
SM Development Corp., the real estate unit of conglomerate SM Investments Corp., said reservation sales in the first 10 months of the year reached P21 billion, up 23 percent from P17 billion year-on-year.
SM Development chief operating officer Rosaline Qua said in an interview the company was on track to meet its P24-billion sales takeup target for the year after the strong sales performance.
Qua said demand for residential units remained strong and amid a huge untapped market.
SM Development is launching two more projects this year, namely Green Residences near Taft Avenue and Shell Residences within the Mall of Asia Complex in Pasay City.
Green Residences is a 50-story condominium tower that will offer over 3,300 units while Shell Residences is a 16-story building with 3,000 units.
Qua said the company next year would launch four to five new projects, mostly in Metro Manila. The projects will add another 6,000 of residential units.
SM Investments earlier allotted P26.9 billion in capital expenditure for its real estate unit.
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