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SM: 2nd Ateneo condo on track

By Jenniffer B. Austria | Posted on Dec. 01, 2012 at 12:01am |
[ manilastandardtoday.com ]
SM Development Corp., the property of conglomerate SM Investment Corp., is on track with the construction of a second condominium project along the Katipunan Avenue in Quezon City.
SM Development said in a statement it held topping off ceremonies for the Blue Residences condominium project, a 40-story tower situated on a 4,235-square meter property at the corner of Katipunan Avenue and Aurora Boulevard. The building is near Ateneo de Manila University, the University of the Philippines, Miriam College and the Philippine School of Business Administration.
SM Development completed the first condominium project in Katipunan Avenue—the Berkeley Residences.
Blue  Residences,meanwhile, offers 1,600 units and aims to lure students of the nearby schools and universities.
Construction began in October of 2010 with the start of turnover to homebuyers  expected in the third quarter of 2014.
Blue Residences features such amenities as an adult swimming pool, a kiddie pool, two function rooms, a children’s playground, a students’ lounge, a roof deck lounge, and a jogging path set amid a tropical garden.  The development will also have commercial areas catering to the needs of residents.
Unit types available for Blue Residences include studios, one-bedroom and two-bedroom units, with sizes ranging from 21.6 to 44.7 square meters.
The current selling prices are between P2 million and P5 million per unit, which averages between P90,000 and P127,000 per square meter.
SM Development posted P16.1 billion in revenues from real estate sales in the first nine months of the year, up 42.7 percent from P11.3 billion year-on-year. Consolidated net income for the period increased 5.7 percent year-on-year to P3.3 billion.
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