By Neil Jerome C. Morales (The Philippine Star) | Updated October 9, 2013 - 12:00am
MANILA, Philippines - Residential builder SM Development Corp. (SMDC) expects to post more than P7 billion in sales from its latest university-focused high-rise project by next year.
The condominium unit of mall and banking conglomerate SM Investments Corp. (SMIC) is banking on steadily increasing demand from university students, company officials said.
The 50-story Green Residences, the tallest residential condominium in the Taft Ave. area, will generate P7.4 billion in sales from its 3,378 units, said Aye Luna, assistant vice-president for marketing of SMDC.
Of the 3,378 units, 90 percent are already sold, with SMDC just starting to sell the remaining 300-plus units called the Manila Bay Suites.
“We purposely set it aside. These are the prime units, those from the 45th level and up that are overlooking the entire city and Manila Bay,” said Roncel Nebre, project director of Green Residences.
Student residential hub Green Residences was launched in November 2011 with the turnover of units scheduled in the first half of 2016.
“We always say that a good location will always have access not just to central business districts but also to major school areas in Metro Manila,” Luna said.
“Majority of our buyers are investors,” Luna said, adding that SMDC is selling studio units at P1.8 to P2 million and one-bedroom units at P3 million. The Manila Bay Suites will be sold at P3.5 million to P4 million.
Green Residences is near educational institutions such as University of the Philippines-Manila, St. Benilde, De La Salle University and St. Scholastica’s College.
“Parents choose living spaces for their children that are close to schools, because aside from convenience, proximity also translates to security,” Nebre said.
Other student residential hubs of SMDC include Berkeley and Blue Residences along Katipunan in Quezon City, Sun Residences in Welcome Rotonda, Mezza in Sta. Mesa, and Princeton Residences in New Manila, most of which are either sold out or ready for turnover.
SMDC started producing high-rise buildings catering to the student population in 2006.
“Given this success, we are looking to follow up. We already have a landbank,” Nebre said.