By Jenniffer B. Austria | Posted on Apr. 01, 2013 at 12:01am |
SM Development Corp., the real estate unit of conglomerate SM Investments Corp., plans to launch 12,000 new condominium units this year.
SM Development said in a filing with the Philippine Stock Exchange it would unveil at least four new projects within Metro Manila and three expansion buildings to add over 12,000 new units in the market.
“Although the units to be marketed are infused with the latest innovations in housing development, they remain to be affordable to potential buyers due to its value-engineering employed in the construction of the projects,” SM Development said.
The property company said it had adequate sources of landbank, construction materials and funds to implement the planned projects this year.
SM Development in 2012 acquired several properties in Metro Manila valued at P7.4 billion and with a total area of approximately 23 hectares. The properties, which are strategically located in Manila, Pasay, Makati, Taguig, Mandaluyong and Parañaque, are to be developed into future residential and commercial condominium projects.
SM Development earlier reported a net income of P4.9 billion in 2012, up 17.5 percent from P4.1 billion in 2011. Revenues from real estate grew 33.3 percent to P21.6 billion from P16.2 billion in 2011.
The company in 2012 sold 12,614 units, up 7.6 percent from 11,726 units in 2011, while reservation sales increased 20.8 percent to P31.7 billion from P26.3 billion in the previous year.
Most of the units sold during the year were from Shell Residences in the Mall of Asia Complex, Green Residences along Taft Avenue, Jazz Residences in Makati, Light Residences along Edsa, Sun Residences in Quezon City, Grass Residences, also in Quezon City, and Wind Residences in Tagaytay City.
In a recent study done by the Advisory and Research Services of Colliers International Philippines, SM Development captured the top spot in terms of number of units sold, corresponding to a 23-percent market share of the total condominium units sold last year.