By Neil Jerome C. Morales (The
Philippine Star) | Updated November 28, 2013 - 12:00am
MANILA, Philippines - The residential
arm of mall and banking conglomerate SM Investments Corp. (SMIC) is expanding
its footprint in Quezon City through two new condominium projects.
SM Development Corp. (SMDC) recently
launched the new phase of SM Grass Residences near SM North Edsa that will
generate nearly P11 billion in sales, and mid-rise project Trees Residences in
Novaliches.
The condominium builder has started
selling the second phase of Grass Residences, which features two 40-story
towers.
“It will suit individuals who want to
capture the unprecedented growth happening today in Quezon City, particularly
in its central business district,” said SMDC president Jeffrey Lim.
“It is located within the city, yet
far removed from the din and grit associated with urban living, which makes it
a relaxing retreat after a long day,” he added.
In a briefing, Jan Spencer Chavez,
SMDC assistant vice-president for project development, said sales from the
3,900 units in Grass Residences Phase 2 will hit P9.7 billion while the 1,600
parking slots will result in sales worth P1.2 billion.
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SMDC sells studio and one-bedroom
units at P2.5 million each while parking lots are worth P750,000 and up.
Grass Residences is one of SMDC’s top
selling condominium projects to date given its proximity to SM North EDSA, the
first mall built by SMIC, said SMDC marketing chief Nita Claravall.
The World Bank described the Quezon
City central business district as the “center of gravity of all commercial
activities in the coming years.”
Construction of the second phase of
the high-rise project will be completed in the fourth quarter of 2017.
So far, Grass Residences has completed
the turnover of two of three towers in the project’s first phase that offered
6,000 condominium units.
“It’s largely an end-user market but
the investor market is always there because investments in SMDC projects are
always a value proposition,” Claravall said.
Amenities in Grass Residences include
landscaped lawns, swimming pools and water cascades. It also has a main
clubhouse with function rooms, badminton courts, an indoor basketball court, a
fitness gym, a childrens’ play area, cabanas and pavilions.
SMDC also launched a new Quezon City
project, this time a mid-rise condominium development in Novaliches.
“SMDC is committed to provide access
to a more upgraded urban living through vertical villages that are integrated
with a commercial retail environment,” Lim said.
It occupies more than eight hectares
of land and provides access to key facilities like SM City Fairview, the
proposed Metro Rail Transit 7 and other transport hubs.
Claravall said Trees Residences, which
offers condominium units in initially three towers, is a viable option for
residents in Novaliches.
Studio, one-bedroom and two-bedroom
units are available starting at P1.2 million to P1.8 million. The mid-rise
condominium village will be constructed over a period of four years.
The gated community features
landscaped parks in between buildings, swimming pools, function rooms, a
multi-purpose court and access to a retail strip with an upcoming Save More
market.
To date, SMDC has 14 ongoing
residential condominium projects all over Metro Manila, with the exception of
Wind Residences in Tagaytay.
In January to September this year,
SMIC’s consolidated net income was flat
at P3.27 billion while revenues from real estate sales fell 5.7 percent to
P15.2 billion from P16.1 billion a year ago, reflecting both the timing of new
project and expansion launches this year, as well as a high base effect.
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