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SM's Sea Residences now 95% sold

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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