By Zinnia Dela Peña (The Philippine
Star) Updated October 23, 2012 12:00 AM
MANILA, Philippines - SM Development
Corp. (SMDC), the property development unit of the SM Group, said its
residential condominium project Sea Residences located within the Mall of Asia
complex has already sold about 95 percent of its units.
Sea Residences comprises six 15-story
residential buildings, housing a total 2,752 new units.
Construction of Sea Residences began
in late 2008 and the final units were turned over to buyers in the third
quarter of the year.
The strong sales of Sea Residences
have been reflected in the increase in property values. From an average
pre-selling price at launch of P85,000 per square meter, the current value at
Sea Residences now stands at P117,000 per sqm.
SMDC has 11 ongoing projects in
various locations in Metro Manila, which have attracted a strong market
following due to their quality, affordability and location, and also because of
the various amenities that enhance the quality of residents’ lives.
SMDC will launch three to five more
projects within the year in line with plans to roll out 73,000 new units worth
around P37 billion.
The company currently has a landbank
of 85 hectares in Metro Manila and 113 hectares in the provinces.
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