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SMDC eyes P5-B sales from condo

Posted on February 01, 2012 10:30:03 PM [ BusinessWorld Online ]

SY-LED developer SM Development Corp. expects to net around P5 billion in sales from Green Residences, its newly launched condominium project in Manila, a company official said yesterday.

 “We are looking at an estimated P5 billion sales target for Green Residences, which will have around 3,000 units. We have begun pre-selling late last year and so far, we are very satisfied with the sales take-up,” Jose T. Gabionza, SM Development vice-president for business and development and corporate information officer, told BusinessWorld in a telephone interview yesterday.

Green Residences is expected to be completed by the first half of 2016, Mr. Gabionza said.

The 50-storey Green Residences on Taft. Ave. is seen to cater to students from the nearby schools such as De La Salle University, College of St. Benilde, and St. Scholastica’s College, given the condominium’s proximity to the Vito Cruz and Quirino Ave. Light Rail Transit (LRT) 1 stations, a disclosure to the local bourse stated yesterday.

For Green Residences, SM Development will be offering around 15 to 35 square-meter (sq. m.) studio units and one-bedrooms worth P1.5 million to P3.5 million apiece, while planned amenities include a library with Wi-Fi hotpots, a gym, a game room, function rooms, and a swimming pool.

Further, a convenience store will occupy the building’s ground floor along with other shops and restaurants to serve the needs of residents.

Including Green Residences, SM Development currently has 15 residential projects under its Residences brand and two projects under the M Place brand.

SM Development shares were traded unchanged at P7.02 apiece yesterday. -- F. J. G. de la Fuente

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