SM unit eyes P2.3B from Katipunan condo sales
SM Development Corp. (SMDC), the property development arm of the SM Group of retail tycoon Henry Sy, is targeting to raise around P2.3 billion from unit sales of its latest high-rise residential condominium project along
Estimated to cost P1.36 billion, Berkeley Residences will have 35 floors, offering a total of 1,063 studio, one-bedroom and two-bedroom units priced at P1.8 million to P3 million each, according to SMDC president Rogelio Cabunag.
Construction of the project started in in January 2007 and is expected to be completed in 2010.
The property, measuring 3,153 square meters, was acquired by SMDC from affiliate China Banking Corp.
A studio unit measures 20 square meters while a one-bedroom unit and two-bedroom unit will occupy 40 square meters and 60 square meters, respectively
Cabunag said the project is now 53 percent sold since November last year with buyers comprised mostly of students and professionals from the nearby colleges like Ateneo de Manila University,
SMDC has also lined up two more middle-income projects this year to take advantage of the strong demand for residential condominiums.
To be launched middle of this year, Sea Residences is a 15-story, six-tower condominium that will rise on a 1.8 hectare property near Mall of Asia on
It will offer a total of 2,600 units which will be developed in several phases, with the first phase slated for completion by 2010.
The other project is the Field Residences behind SM Sucat in Parañaque.
It will comprise six clusters, housing a total of 1,700 units.
Cabunag said the company is also planning to build a residential project in Tagaytay to be named Wind Residences.
SMDC posted a net profit of P1.2 billion last year, 24.2 percent higher than the previous year, on the back of higher sales of its residential projects.
Consolidated revenues reached P2.7 billion or an increase of 91 percent from the year-ago level.
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