SMDC breaks ground for new Taguig condo

MANILA, Philippines - Residential builder SM Development Corp. (SMDC) has started the construction of its newest condominium project, marking its first foray in Taguig City.

The condominium developer of the SM mall and banking conglomerate said it broke ground for the four-tower Grace Residences last week.

SMDC president Jeffrey C. Lim said the Grace Residences is “a development that continues SMDC’s tradition of providing affordable, yet high quality homes.”

“With its open spaces and first-class amenities, Grace Residences is ideally suited to the suburban lifestyle of Taguig residents,” Lim said.

In November, SMDC launched the 12-storey Tower A and the 20-storey Tower B. To date, SMDC is offering one-bedroom units starting at P2.1 million for the 27-square meter (sqm.) units.

The property firm said the 36-sqm units were already sold out while the 31-sqm. units are still available starting at P2.5 million.

“The four-tower development will offer approximately 3,500 units spread over a gross floor area of around 170,000 sqm. and is planned to be constructed over three to five years,” SMDC said.

Towers C and D are planned to be launched late this year and in the middle of 2014, respectively.

Grace Residences is a short drive from the new business center Bonifacio Global City, home to the newly-opened P3.5-billion SM Aura Premier lifestyle mall.

It sits on roughly 2.5 hectares of land along Cayetano Boulevard, near C5 road in Taguig.

Planned amenities include a sprawling landscaped area, swimming pools and deck areas, a basketball court, a children’s playground, meditation garden and a retail area for residents’ convenience.

The condominium builder of Henry Sy-led SM Investments Corp. alloted P71 billion in capital expenditures to complete existing projects and enter new property ventures in the next three years.

It will spend around P20 billion this year, P26 billion in 2014 and P25 billion in 2015.

SMDC plans to launch four new projects and expand three existing developments in Metro Manila to cater to the supply gap. It will introduce 13,000 units this year, almost double the 7,000 units in 2012.

In the first quarter, consolidated net income of SMDC jumped 12 percent to P1.4 billion due to improved gross profit margin and increased economies of scale. Real estate revenues rose four percent to P5.9 billion during the period.

As of end-2012, SMDC had 15 ongoing residential condominium projects all over Metro Manila, with the exception of Wind Residences in Tagaytay.