Posted on June 21, 2013 07:59:45 PM [ BusinessWorld Online ]
SY-LED SM Development Corp. (SMDC) on Friday reported progress on the construction of the third tower of a condominium development in Quezon City, after the first two buildings were nearly sold out, the company said in a statement.
"SMDC recently held topping-off ceremonies for Tower C of its four-tower M Place @ South Triangle (MPST) development in Quezon City, covering an area of almost a hectare between Panay Avenue and Mother Ignacia Avenue," the firm said, referring to the rites usually held when a building's structure is finished.
Towers A and B were topped off in May and in August of 2012, respectively, and are more than 90% sold, the company claimed.
MPST Tower C is a 27-storey, 778-unit structure. Construction of Tower C began in July 2012, and start of turnover to homebuyers is expected in the third quarter of 2014.
Tower D, meanwhile, is currently under construction, due to be topped off in early July. Completion of the project is expected by the second quarter of 2015.
On full completion, the development will have a total of 3,437 units, according to SMDC. The project's cost and expected sales take-up were not immediately available.
SMDC's net income stood at P1.36 billion in the first quarter, higher by 12.40% than P1.21 billion in the same period last year on higher sales.
Revenue from real estate sales went up by 4.46% to P5.86 billion from P5.61 billion while cost of real estate sold rose by 1.41% to P3.57 billion from P3.51 billion last year.
The firm's shares plunged by 52 centavos or 6.91% to P7.01 on Friday from P7.53 on Thursday. -- Cliff Harvey C. Venzon