MANILA, Philippines - The residential arm of the SM Group expects around P7 billion in sales from its first and only project near Bonifacio Global City (BGC) in Taguig.
The four-tower Grace Residences of SM Development Corp. (SMDC) is enjoying brisk demand from start-up families and investors, a company official said yesterday.
SMDC assistant vice-president Roncel Nebre said the condominium builder allotted P3.2 billion to complete the project.
Most of the buyers come from the international market looking for property investments in the Philippines, Nebre said. The remaining portion of buyers are start-up families looking for homes near their work area.
“Many business process outsourcing employees want to live but can’t afford the property prices...With the longing to have a unit in BGC, Grace Residences is the closest thing,” Nebre said.
“This proximity to business and commercial areas allows residents to make quick trips to modern facilities like shopping malls, boutique stores, sports halls, arts and culture hubs, and entertainment spots,” the SMDC executive said.
SMDC had sold out the 1,075 one-bedroom units in the 12-story tower 1 and 1,174 units in the 20-story Tower 2, both of which were launched last year. The 20-story Tower 3, composed of 1,134 units, is already 30 percent sold.
“This 2014, we will launch Tower 4 and the target is July or August,” Nebre said. The final tower of Grace Residences consists of 1,077 one-bedroom units.
Turnover of the first tower will start in the first quarter of 2016, followed by tower 2 units in the fourth quarter of 2016, Tower 3 homes in May 2017 and Tower 4 units in 2018.
SMDC also allotted around 4,000 square meters of gross leasable area for the retail segment in Grace Residences.
Grace Residences is SMDC’s first mid-rise property development in Taguig. It is near main thoroughfares like C5, EDSA and South Luzon Expressway.
For this year, SMDC committed to spend as much as P18 billion next year as it launches four new residential projects to cater to continuously growing demand. SMDC will offer 11,000 new residential units next year, up from 10,000 this year.