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SMDC claims top spot in condo sales

Posted on February 14, 2012 10:40:53 PM [ BusinessWorld Online ]

SM DEVELOPMENT Corp. yesterday claimed the top spot in a ranking of Metro Manila condominium sales for the second semester, citing an industry-wide report.

According to a study by property consultant Colliers International Philippines, the Sy-led firm reportedly sold over 6,000 residential condominium units for July to September.

This figure is claimed to correspond to an estimated 24% market share out of the over 25,000 condominium units sold by real estate firms during the same period.

The company has thus topped Colliers’ second semester survey since 2009, the developer noted.

While the developer’s 40% discount on some of its condominium units last December did not directly influence second half sales, it did generate “a lot of interest” in SM Development’s product offerings, Jose T. Gabionza, SM Development vice-president for business and development and corporate information officer, told BusinessWorld in a text message yesterday.

Five more projects are slated for opening this year, SM Development earlier said.

In a related development the SM camp yesterday defended its plans to remove roughly 200 trees from a site for its Baguio project.

In a statement, the SM group said it had rights over the 34,528-square-meter site, which it won from a government auction back in 1992.

The site will be used for the expansion of SM’s mall there.

“Although the full payment for the purchase price [of P70 million] was completed on April 2, 1997, the execution of the deed of absolute sale was made only in 2011 because of the issue on [a] certain portion of the bidded [sic] lots,” the SM group said in a separate statement released yesterday.

Last year, President Benigno S. C. Aquino III executed the deed of absolute sale for a 31,688-square meter area.

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