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SM Development cites strong demand

Posted on November 19, 2012 10:19:50 PM [ BusinessWorld Online ]

UNITS at SM Development Corp.’s Grass Residences condominium in Quezon City are nearly sold out some five years after the project’s launch, the company said in a statement yesterday.

“SM Development reported that its Grass Residences project has been very well-received by the market, with 97% of a total of approximately 6,000 units being sold as of end-Oct. 2012,” the statement read.

Sought for comment, Jose T. Gabionza, SM Development vice-president for business and development and corporate information officer, said in a text message yesterday: “Grass was one of our earliest projects. I think it is selling well because of its strong value proposition.”

Grass Residences, a 38-storey development launched in 2007, is located on a 3.6-hectare lot along Nueva Vizcaya Street in Bago Bantay, Quezon City.

Composed of three towers, Tower 1 of the project has already been finished, with Towers 2 and 3 targeted for completion in 2013 and 2014, respectively.

Amenities at Grass Residences include a clubhouse, two multipurpose function rooms, four swimming pools, and WiFi-enabled common areas, the statement noted.

The development also offers jogging trails, six badminton courts, a basketball court, as well as landscaped gardens and courtyards.

The firm said Grass Residences forms part of its portfolio of projects aimed at “mid-range homebuyers.”

The property developer said last April that it was looking to spend this year around P30 billion in capital expenditures and launch five residential condominiums in Metro Manila (Joy, Breeze, Grace, Rich Residences, and Grass Residences Phase 2) that will have an estimated total market value of P37 billion, adding to its current portfolio of 15 SM Residences projects and two projects under the M Place brand.

Expansions are also set for SM Development’s Wind, Jazz, and Field Residences, as well as M Place @ South Triangle.

It is also firming up its overseas expansion plans, with work on a number of high-rise structures in China seen to start as early as this year.

SM Development grew its net income by 5.83% to P3.27 billion as of September from P3.09 billion in the same nine months last year.

Its shares slid by four centavos to P5.94 apiece yesterday. -- F. J. G. de la Fuente            
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