October 2010 Grass Residences Investor Update

PROPERTY research analysts Colliers International Philippines has named SM Development Corp. (SMDC) as the largest developer in Metro Manila for the first six months of the year.

“From January to June of this year, SMDC was able to sell over 5,000 units, that is about a 26 percent share of the total sales in Metro Manila. It has even surpassed the company’s full year 2009 sales of 4,700 units,” Colliers said in a statement.

The performance of SMDC was compared with those of nearly 80 other developers competing in Metro Manila.

SMDC, which is controlled by tycoon Henry Sy, sold P11.3 billion worth of condominium units during the period, surpassing its full-year real estate sales in 2009. During this period, SMDC reported that its sales surged 210 percent. There was a strong market take up of new SM Residences launched late last year, which includes Princeton, Light, Jazz, Sun and Wind development projects.

“We thank Colliers for this citation—a very encouraging development especially since SMDC is one of the new players in the business. Moving forward, it is our goal and our mission to provide the best home for every Filipino, through improved lifestyles, an innovative approach to design and amenities, finding the best locations, even as we price them right,” said SMDC vice chairman Henry Sy Jr. in the same statement.

In June this year, the company launched My Place South Triangle in the Panay Avenue-Mother Ignacia area in Quezon City. It is SMDC’s initial project under its new My Place brand. ?At present, the property developer has 13 residential projects in the market.

-- Miguel R. Camus / Reporter