MANILA, Philippines — SM Development Corp. (SMDC), the residential arm of the SM Group, is seeing strong demand for the new phase of its residential development in Cagayan De Oro.
SMDC is expanding its offering in CDO to cater to the growing demand of home seekers in the city.
Last July, SMDC launched the second phase of Vail Residences, providing more investment opportunities in the development.
The first phase of Vail Residences was sold out in just three months.
SMDC said the second segment has recorded 45 percent of units sold in under a month since its launch.
“This is an encouraging sign of the growing demand in these progressive cities where we have seen significant economic activity in terms of Integrated developments and premium lifestyle. It aligns with our vision to make homeownership accessible to more Filipinos,” Jessica Bianca Sy, vice president and head of design, innovation and strategy of SM Prime Holdings and SMDC, said.
SMDC said Vail Residences offers below-market value amid the premium lifestyle the space offers.
Valued at least P3.4 million per unit, the property was cited as the Best Affordable Condominium during the Carousell Property Awards in 2023.
In terms of location, Vail Residences is a 500-meter walk away or three-minute drive to SM City CDO Uptown.
“Through these efforts that provide opportunities of homeownership in different local such as in CDO, we aspire to help more Filipinos be a part of thriving growth centers,” Sy said.
SMDC has over 183,000 residential units across 67 developments nationwide as of end-2023.
Of these, 20 residential developments are in provincial cities in Pampanga, Bulacan, Rizal, Cavite, Laguna, Iloilo, Bacolod, Cagayan de Oro and Davao.
Last year, the company recently introduced Turf Residences in Biñan, Laguna and Parkville Residences in Bacolod City, Negros Occidental.
SMDC said these developments are accessible to SM Supermalls and transport terminals to provide convenience to residential communities.