SMDC expands Taguig condo project

MANILA, Philippines - Residential builder SM Development Corp. (SMDC) has started offering to buyers the newest portion of its first foray in Taguig City.

The condominium unit of conglomerate SM Investments Corp. (SMIC) is banking on the strategic location of its Grace Residences project to major business districts.

SMDC said it recently launched the third tower of Grace Residences, expanding its residential offerings to home buyers in Taguig.

“We are pleased with the very warm reception from buyers of the first two towers of Grace Residences,” said SMDC president Jeffrey Lim.

“Hopefully we will see more of the same for the next two towers of this project,” Lim said.

In November, SMDC launched the 12-story Tower A and the 20-story Tower B of the residential project. Last June, the company broke ground for initial towers, which were nearly sold out.

“Grace Residences continues to be a highly attractive proposition since it is just minutes away from our newly opened SM Aura Premier, as well as from the Makati Central Business District and the Ortigas Center,” Lim said.

Given its strategic location, residents will also enjoy easy access to country’s top schools, hospitals, restaurants, shopping and entertainment venues, Lim said.

For the third tower, one-bedroom units are available starting at P1.97 million each for the typical 22-square meter (sqm) unit.

The four-tower development will offer approximately 3,500 units spread over a gross floor area of around 160,000 sqm and is planned to be constructed over three to five years.

The project occupies approximately two and a half hectares of land along Cayetano Blvd, near C5 Road in Taguig.

Planned amenities include a sprawling landscaped area, numerous 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 SMIC allotted 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 half, SMDC’s net income picked up six percent to P2.82 billion from P2.66 billion a year ago as real estate revenues inched up to P11.91 billion from P11.89 billion year-on-year.

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