SM Devt allots P3 billion for new condo project


Posted at Jun 19 2008 02:57 PM | Updated as of Jun 19 2008 10:57 PM

SM Development Corporation (SMDC), the middle-income property developer of mall tycoon Henry Sy Sr., is spending at least P3 billion for its new residential condominium project in Pasay City.

SMDC's sixth residential project in Metro Manila, Sea Residences, will rise on a 1.8-hectare lot along Diokno Boulevard. It consists of six 15-storey towers offering a total of 2,580 units.

The project will be situated near SM Mall of Asia and the planned casino and entertainment city of state-run Philippine Amusement and Gaming Corp. by the Manila Bay.

"[This] makes it a good market for residential units," said SMDC president Rogelio Cabuñag.

Featuring a modern tropical Australian architecture, Sea Residences will have 2,188 one-bedroom and 392 two-bedroom units, of which 1,580 and 280 units, respectively, have a balcony.

According to SMDC assistant vice president Adelaida Cobres, project director of Sea Residences, the company expects sales from the first of the planned three phases of the project to reach P800 million this year.

Up for completion by 2011, the first phase represents 30 percent of approximately 1,100 units available in Towers A and B and podium level areas. Average price per square meter at Sea Residences is pegged at P83,000.

The first phase covers building the whole podium level, with parking and utilities, commercial areas and amenities like swimming pools.

SMDC earlier launched Berkeley Residences, a 35-storey condominium in Quezon City that is estimated to generate P2.3 billion in sales.

In the next few months, the company will launch Field Residences, a mid-rise, six-cluster condominium in Sucat, Parañaque City that will offer a total of 1,700 units.

Meanwhile, design for its project in Tagaytay City, called Wind Residences, is expected to be completed this year. "We hope to start working on it by next year," Cabuñag said.