SMDC launches new residential project

SM Development Corp. (SMDC) has launched its first residential project for the year along Taft Avenue in Manila.

In a disclosure to the Philippine Stock Exchange, the Sy-led property developer said that Green Residences will be a single-tower, 50-storey condominium that will serve demand for homes within the area from students and their families.

The newest SMDC development is near educational institutions in the city, such as the De La Salle University, College of St. Benilde, and St. Scholastica’s College.

The condo project features studio suite and one-bedroom units, either with or without a balcony, with a size of approximately 15 to 35 square meters. The estimated pre- selling prices for the units range from about P1.5 million to P3.5 million.

Construction of Green Residences has started late last year. Target completion is estimated by the first half of 2016. Amenities of the project include a library with Wi-fi hotspots, a gym, a game room, function rooms, and a swimming pool. It will also house an SM Savemore as well as shops and restaurants at the ground floor.

Including Green Residences, SMDC currently has 15 residential projects under its SM Residences brand and two projects under the M Place brand.

In the January to September 2011 period, SMDC’S consolidated earnings grew by half to P3.1 billion anchored on the strong take-up of the firm’s residential condominium projects coupled with expected construction completion rates.

SM Investments Corp., the listed holding firm of the Sy family, had allotted a capital expenditure budget of P16.7 billion for SMDC this year, which will be used to finance the completion of ongoing projects and the construction of four or five projects.

SMDC shares were unchanged at P7.02 each on Wednesday.