Posted on
June 05, 2013 11:55:54 PM [ BusinessWorld Online ]
PROPERTY
DEVELOPER San Miguel Properties, Inc. plans to launch its first residential
projects in Metro Manila this year, the company announced during its annual
stockholders’ meeting yesterday.
“We will be launching four residential
projects in Pasig, Mandaluyong and San Juan this year which we feel will
address the underserved people in big city centers,” San Miguel Properties
General Manager Karlo Marco P. Estavillo said during his company’s annual
stockholders’ meeting at the at the San Miguel Corp. head office complex in
Ortigas Center, Mandaluyong City.
He added it
will the firm’s first foray into Metro Manila’s residential market.
The firm
announced on May 9 last year that it will spend P3.3 billion for the San Juan
project and P400 million for three townhouse developments in Pasig and
Mandaluyong.
The San Juan
project will have around 300 units which will be finished by 2015. The three
other projects will each have 20 units.
According to
its Web site, San Miguel Properties now has four gated residential communities
south of Metro Manila, each with amenities like clubhouse, playground; tennis
and basketball courts, multipurpose hall, picnic park, round-the-clock
security, as well as swimming pool and kiddie pools:
• Wedge Woods
in Sta Rosa, Laguna;
• 23-hectare
Maravilla in General Trias, Cavite with units measuring 72-150 square meters;
• 15-hectare
Bel Aldea Casitas in General Trias, Cavite; and
• Asian Leaf,
also in General Trias.
San Miguel
Properties was delisted on May 6 after deciding it would not meet the 10%
public ownership requirement set by the Philippine Stock Exchange for companies
to stay listed. It had a public float of 0.065% when it exited the bourse.
San Miguel
Properties was established in 1990 as the real estate arm of diversified
conglomerate San Miguel Corp.
The mother
unit saw profits drop by 33.67% to P7.586 billion in the first quarter from
P11.437 billion in the same three months last year, as sales increased by 25.5%
to P178.256 billion from P142.039 billion and cost of sales jumped by a bigger
29.95% to P149.892 billion from P115.345 billion.
Shares of San
Miguel added P1.75 or 1.87% to close at P95.35 apiece yesterday from P93.60
each last Tuesday. -- ENJD
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