SMDC sees P14-billion sales from Grass Residences

MANILA, Philippines - SM Development Corp. (SMDC), the residential development arm of retail tycoon Henry Sy, said it expects to generate as much as P14-billion sales from its 6,000 unit Grass Residences project beside SM North EDSA in Quezon City, according to a top company official.

SMDC vice-president Jose T. Gabionza said the three-tower Grass Residences has been 97 percent taken up as of end-October this year.

He said SMDC has already generated around P12.5 billion in sales from the project as of Sept.30, 2012.

The project, located on a 3.6-hectare property with each tower standing 38 stories high, was launched in 2007. At present, Tower 1 has been completed while Towers 2 and 3 are currently under construction and are slated for completion in 2013 and 2014, respectively.

The property value of Grass Residences has significantly appreciated. The project is now selling at P115,000 per square meter from P90,000.

As with other SMDC projects, Grass Residences offers generous amenities, which include a clubhouse, two multipurpose function rooms, one Olympic-sized pool, an adult pool, two kiddie pools, and Wi Fi-enabled common areas. The project also features jogging trails, six badminton courts, a basketball court, as well as landscaped gardens and courtyards.

SMDC is among the first condominium developers to bring to market affordable, high- quality housing that apart from their prime locations, also feature amenities that had until recently been beyond the reach of mid-range homebuyers.

The company has programmed to launch P37 billion worth of new projects this year, equivalent to 73, 000 new units.

SMDC currently has a landbank of more than 85 hectares in Metro Manila and 113 hectares in the provinces.