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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