SMDC sees brisk sales for Las Piñas condo
SM DEVELOPMENT Corp. (SMDC) looks to sell out the four towers of its P6-billion residential condominium project in Las Piñas City by 2018, as it prepares for the delivery of the first two towers during the same period.
SMDC South Residences, located at the back of the SM group’s Southmall, spans a total of 21,396 square meters (sq.m.). The property firm of country’s richest man Henry Sy, Sr. has since sold 60% of the project’s 2,010 units since its launch in 2015.
“We’re doing around 50 units a month, so maybe by next year hopefully we’ll be sold out by then. And the thing with SMDC projects, when they see the project is ready for occupancy (RFO) or nearing RFO, the sales spike,” SMDC Assistant Vice-President for Project Development Therese P. Sonsing-Fernando told reporters during a media roundtable in Makati City on Thursday.
South Residences units range from 20 sq. m to 37 sq. m., with a one- bedroom unit ( between 20.71 sq.m to 22.73 sq.m) priced at P2.5 million each. A one-bedroom unit with balcony (23-23.68 sq.m.), meanwhile, can be bought for P2.6 million.
Two- bedroom units ( 36.53 sq.m.) sells for P3.8 million, while two- bedroom end units ( 36.76 sq.m.) are priced at P3.8 million.
Amenities in the development include a grand lobby and function rooms located at the second tower’s ground floor, which can be shared by all occupants of South Residences. It also includes a swimming pool as well as landscaped areas.
A total of 338 parking slots have also been set aside for the residents.
The company is targeting young professionals, start- up families, and retirees to be the occupants of South Residences.
“When we checked our buyers’ profile, most are really from Las Piñas... 80% are local, from Las Piñas around 50% to 60%,” Ms. Sonsing-Fernando said.
SMDC Senior Marketing Manager Dorotheo A. Delima, meanwhile, noted the condominium has already appreciated two years since its launch, with prices going up to P110,000 per sq.m compared to P86,000 per sq.m. in 2015.
“Our property has actually appreciated by 28%... what that means is for those investors who bought the property two years ago, their money has already worked hard for them,” Mr. Delima said.
Potential revenues for renting out the units can also come at P15,000 to P25,000 per month, Mr. Delima added, citing the average rental rates today in Las Piñas City.
SMDC will be turning over the first two towers by 2018, while the last two towers are scheduled for turnover by the first half of 2019.
Aside from SM Southmall, South Residences is also adjacent to the company’s business process outsourcing (BPO) facility which covers around 200,000 sq. m. across four floors. Set to finish construction by December this year, the BPO building is expected to employ around 3,000 to 4,000 employees, further adding to the potential market for South Residences.
Ms. Sonsing- Fernando said they are already negotiating with potential locators for the BPO building.
SMDC, the property arm of SM Prime Holdings, Inc., reported a 22% increase in reservation sales to P27.55 billion for the first half of 2017, pushing revenues 5% higher to P13.91 billion for the period.