SM Development launches four new condo projects

MANILA, Philippines - SM Development Corp. (SMDC), the residential property development firm of the family of retail tycoon Henry Sy, launched yesterday four of its newest residential condominium projects, reflecting its bullish outlook on the real estate industry.

The four projects are Jazz Residences near Jupiter Road in Makati City; the Sun Residences right beside the Mabuhay (formerly Welcome) Rotunda near the Quezon Avenue boundary of Quezon City and Manila; the Light Residences near Pioneer Street in Mandaluyong; and the Wind Residences along the Emilio Aguinaldo Highway in Tagaytay City.

“Our four new offerings affirm SMDC’s vision of becoming one of the leading residential developers in the country. We will end this year with a menu of 12 different offerings for our clients who may choose their homes from the best locations in the metropolis, plus a special offering in scenic Tagaytay,” said Roger R. Cabuñag, president of SMDC.

Jazz Residences will occupy approximately 25,000 square meters of land along Metropolitan Avenue, which interconnects with Jupiter Road near the central business district of Makati City. A total of four towers will rise on a five-storey podium and will be done in four phases. Each 41-story tower will have about 1,228 one- and two-bedroom units.

To rise on a 11,832-square meter property located on Espana Boulevard in Quezon City, Sun Residences will consist of two 43-story towers with a total of 1,992 units for sale.

On the other hand, Light Residences (located at the corner of EDSA and Madison Street in Mandaluyong City) will have three towers, with Tower 1 having 40 floors, and Towers 2 and 3 having 39 floors each. The first phase will offer a total of 1,386 studios, one-bedroom, or two-bedroom units.

SMDC is raising nearly P5 billion through a stock rights offering to fund landbanking activities and general corporate purposes. It is offering 1.37 billion common shares to stockholders at a ratio of one share for every three shares held as of Dec. 7, 2009.

The offer period will run from Jan. 4 to 8 wihile the listing of the shares has been tentatively set on Jan. 18.

BDO Capital and Investment Corp. will serve as underwriter for the rights issue.