SMDC earmarks P800M for residential projects

SM Development Corp. (SMDC), the property arm of SM Investments Corp., is setting aside P800 million this year to fund various residential development projects.

Among these projects include the completion of Cluster 3 of Chateau Elysee in Paranaque City and the Mezza Residences in Sta. Mesa, Manila, a high-rise residential building.

Chateau Elysee is a residential condominium project located near SM Bicutan.

SMDC earlier signed an agreement with state pension fund Government Service Insurance System for the development of a residential condominium in Baguio City. To be called Baguio Residences, the project is envisioned as a condotel, servicing residents and visitors of the country’s summer capital.

Another project is the Hacienda Looc, a residential and beach resort community located in Nasugbu, Batangas. The first phase will house a beach resort, a golf course, and residential communities. To continue growing, SMDC continues to be on the lookout for projects that will deliver better returns to its shareholders.

SMDC targets residential properties near the SM shopping malls. It is also considering ventures in tourism and entertainment to enhance mall operations.

SMDC was formed in 1974 as a closed-end investment company. Previously named Ayala Fund Inc., it changed its business name to SM Fund, Inc. after the SM Group took ownership in March 1986. The change of the company’s name to what it is known today also reflected its new thrust of property development in the real estate sector.