Light Residences - News in Malaya 102810

The project, rising on a two-hectare area in Mandaluyong, will have 20,000 sqm of commercial spaces on the first few floors of the 42-story residential development. It’s like having a mini-mall under your home.

The commercial space will house, among others, three cinemas, a supermarket, as well as boutique shops that will make up the whole span of the commercial area planned for Lights Residences.

Project manager Glenna T. Galupo said this is the biggest commercial space so far to be developed as part of a residential project by any developer in the Philippines.

The company’s design for Lights Residences departs from the common lay-out of providing just a substantial commercial space within a development to accommodate a retail business that will cater to the immediate home needs of residents.

Another design is to have the commercial portion of a development constructed within reach of the residential component, but not right under it.

"We are not just selling a unit, we are selling a lot more, and with our link with the SM group of companies, you are just a walk away from the mall," said Galupo.

With an estimated development cost of P6.8 billion, the project will offer a total of 4,200 units in a three-tower complex, selling residential properties at P28,000 per square meter. Units range from studio, and one and two bedrooms.

Galupo said buyers can have units merged for bigger space.

So far, SMDC has already received an estimated P1.2 billion worth in sales reservation for the project, seven months since it was formally launched.

Phase one of the project, unveiled in March, is already sold out, while marketing for the second phase started in June and already sold 20 percent of available units.

The project has its Tower One offering 1,300 units, while the two other towers offer a total of 1,400 each.

The first tower is expected to be completed by 2013, to be followed by the next two in 2014, and 2015.

The project, one of the 12 developments the company has so far, has attracted interest from overseas Filipinos as well as families who are upgrading homes from communities around Mandaluyong, according to Galupo.

The PSE-listed SMDC is among the most aggressive developers in the country, launching residential projects left and right.

It recently announced a plan to raise approximately P11.8 billion in a stock-rights offer to partly-finance its development works and potential acquisition of properties.

Light Residences will receive P407.33 million of the proceeds which is expected to be used in the fourth quarter this year and second quarter of next year

    

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