Light Residences - News in Business Mirror 061210

SM Development Corp. (SMDC), the middle-income real-estate company of tycoon Henry Sy, is launching the last tower of its residential condominium project this Friday, June 18. In a statement, SMDC said Tower 3 is part of the three-tower Light Residences, located at the corner of Madison Street and Edsa in Mandaluyong City.

Launched last year, the Light Residences occupies approximately 2 hectares of land. Each of its three towers will have 42 floors, offering a combined total of 4,231 units.

The total cost of the whole project is estimated at P6.8 billion and is projected to be fully completed by the first half of 2015. Tower 1 of the condominium project is already under construction, while its Tower 2 is expected to begin construction by the first half of 2012.

"The construction of the Light Residences' Tower 3 is SMDC's timely response to the still-growing demand for quality yet affordable homes in the area and in other parts of Metro Manila," SMDC president Roger R. Cabuñag said in a statement.

Shares of SMDC did not move on Friday at P6.90 apiece.