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SM eyes P6b from new tower in Manila

By Jenniffer B. Austria | Posted on Jun. 27, 2013 at 12:01am
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SM Development Corp., the property unit of retail tycoon Henry Sy, said Wednesday it plans to raise as much as P6 billion in sales from a newly-launched condominium tower along Roxas Boulevard in Manila.
SM Development assistant vice president and program director Jan Chavez said the 38-story structure Breeze Residences would offer 2,133 residential units.
Chavez said SM Development would sell the units for P92,000 per square meter. This means a typical 27-square meter, one-bedroom unit will cost P2.48 million.
The company started pre-selling the project to core buyers late last year. The tower is already 25 percent sold.
SM Development hopes to sell all the units over the next three years. Construction of the tower has started, with the turnover of units to buyers slated by the last quarter of 2016.
Chavez said the project was attracting several start-up families working in the Manila area as well as migrant Filipino workers.

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