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.
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