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