SMDC allots P3.2B for Field Residences

SM Development Corp. (SMDC), the premium middle-income housing unit of the SM Group, is spending P3.2 billion for the completion of Field Residences in Sucat, Parañaque – its sixth vertical development and its last project for the year.

Sitting on a 7.8-hectare lot behind SM Sucat, Field Residences will comprise 10 mid-rise residential condominium buildings, offering a total of 2,800 units.  Slated for completion in 2013, the project will have eight to 12-level buildings with each offering an estimated 300 units at a price ranging from P1.2 million to P3.5 million.

Gilbert Ang, assistant vice-president of SMDC, said Field Residences is by far the company’s biggest residential development in terms of land area. 

Designed as a lush modern tropical haven, Field Residences will feature three 25-meter lap pools, three wading pools and three children’s pools; a clubhouse; a children’s playground; basketball, volleyball and badminton courts; a jogging trail and a bike lane; a picnic area; and themed gardens.

Ang said the company has already received sales reservations for Field Residences even before construction of the first building began. 

The first building will have 10 stories with 276 units, which will be ready for moving in by December 2009.

Unfazed by the ongoing global economic downturn, SMDC remains in investment mode as it plans to spend more next year to complete the construction of six ongoing projects and launch two new ones – Princeton Residences along Aurora Boulevard in Quezon City and Tree Residences in Cainta, Rizal.

Among its ongoing projects are Chateau Elysee in Bicutan, Parañaque; Mezza Residences across SM Sta. Mesa; Berkeley Residences along Katipunan Ave.; Grass Residences beside SM City North Edsa and Sea Residences at the Mall of Asia complex in Pasay City.

Ang said sales of the company have been robust on strong demand from the middle-income segment. “We now have repeat buyers who not only consider affordability and high quality in our products, but also because they get more than what they usually expect from us,” said Ang.

Grass Residences and Berkeley Residences have so far sold approximately 80 percent of their inventory. Lot owners are now starting to build their homes at Lindenwood Residences, which unveiled its clubhouse less than two weeks ago.