Jazz Residences News in Malaya 082710

Strong interest for units in SM Development Corp.’s (SM Development) Makati project Jazz Residences has led the company to speed up the unveiling of its remaining towers. The company yesterday formally opened for buyers the third tower of the four-tower project, ahead of the planned opening in October.

Bernadette Ramos, SM Development assistant vice president for marketing, said "strong interest" for the units in Jazz Residences led them "to open up more available units" as the project gain traction from the Makati real estate market.

Jazz residences project manager Grace Sta. Ana told Malaya Business Insight that the development is attracting interest from people working in Makati, particularly the young professionals and those who are seeking for a "weekday home" while working in Makati.

The project also generates interest from overseas Filipinos who wish to have a place to stay in Makati whenever they are in the Philippines, according to Sta. Ana.

A total of over 5,000 units will be made available in Jazz Residences which will be constructed in a 2.5 hectare property in the corner of Jupiter and N. Garcia Streets.

SM Development is allocating a portion of the property for traffic flow, leaving a total of 1.7 hectare for the actual realty development.

SM Development said it is constructing a bridgeway that will connect Jazz Residences to Salcedo Village, to ease traffic in the area and enable Bel-Air residents with more accessibility to the Makati central business district.

Part of the development will be a six-floor amenity podium which will house swimming pools, fitness gym, mini-theater, children’s playground, and parking among others. It will also include a business center that will cover a whole floor.

A mini SM Mall will also anchor the project, which will include an SM Hypermarket.

Units range between P1.5 million for a studio, to P2.6 million for a three-bedroom unit. Two-bedroom units are priced between P1.8 million to P2.1 million.

SM Development is offering a financing scheme of 20 percent initial payment payable in 36 months. The remaining amount can then be paid through bank financing.

This scheme allows buyers to pay a monthly amortization of as low as P9, 0000 only for their units, said Sta. Ana.

Currently, Tower A of the project has been fully sold, while tower C is 60 percent sold, according to Sta. Ana.

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