My Place - South Triangle News

My Place - News in Philippine Star 062410

2010-08-05T06:12:17Z

SMDC eyes 5 more housing projects
The Philippine Star
Updated June 24, 2010 12:00 AM
By Zinnia B. Dela Peña

MANILA, Philippines - SM Development Corp. (SMDC), the residential builder of the SM Group, is planning to develop five more affordable housing projects as it seeks to ramp up its expansion and make its presence felt in this highly unmet segment of the property market.

Henry Sy Jr., vice-chairman and chief executive of SMDC, said the company is looking to build projects under its affordable housing brand, MyPlace, in Fairview and other sites in Quezon City. "We plan to build in locations where there is an SM mall or hypermart," he said.

"The launch of new projects would depend on how well our first project is going to be received. But so far we've been receiving very encouraging feedback from the public," Sy said.

SMDC launched Tuesday its maiden project under the MyPlace brand "My Place South Triangle" four condominium towers offering a total of 3,000 units with sizes ranging from 20 square meters to 40 sqm. Unit prices start at P1 million each.

Around P2 billion has been earmarked for the project's construction, later this year. The first phase is slated to be completed in the first half of 2013.

Sy said the company is also looking at acquiring properties in Cebu and Davao to further expand its reach and tap a larger investor base, particularly overseas Filipino workers. "We want to go regional and hope to start construction early next year. We can't say yet whether these properties will be done under the MyPlace brand," he pointed out.

SMDC has 12 ongoing residential projects, of which 11 are in key areas within Metro Manila, and one in the mountain resort city of Tagaytay.

For this year, SMDC is launching four new projects which will entail between P4 billion and P8 billion in funding requirements. These new projects are located in various strategic sites in Taft Avenue in Manila, Ortigas in Pasig City, and Quezon City.

SMDC's other ongoing projects are Chateau Elysee, a mid-rise condominium project in Parañaque City which has completed five of its six clusters; Berkeley Residences in Katipunan Road, Quezon City ( 63 percent complete); Grass Residences beside SM City North Edsa, which is (58 percent complete with its Tower 1); Sea Residences near the Mall of Asia Complex in Pasay City (38 percent complete with Phase 1); and Field Residences in Sucat, Parañaque, ( 95 percent complete with its Tower 1).

Given the strong sales take-up, SMDC said it expects its net income to grow between 30-50 percent every year in the next five years.

SMDC posted a net income of P1.8 billion in 2009, more than 31 times the P56.8 million reported in 2008. Of the total, net income from real estate operations amounted to P1.5 billion, up 36 percent from P1.1 billion.

Last December, the company launched four big projects - Jazz Residences near Jupiter Road in Makati; Sun Residences beside the Mabuhay (formerly Welcome) Rotonda near the Quezon Avenue boundary of Quezon City and Manila;Wind Residences along the Emilio Aguinaldo Highway in Tagaytay City; and Light Residences near Pioneer St. in Mandaluyong City.

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My Place South Triangle - News in Business Mirror 062210

2010-07-02T14:21:06Z

SM Development begins housing project in Quezon City
Business Mirror
Written by Miguel R. Camus / Reporter
Tuesday, 22 June 2010 20:37

The listed middle-income property developer of the SM Group formally launched on Tuesday its first foray in the affordable housing segment through a new condominium project in Quezon City.

In a statement, SM Development Corp. (SMDC) said the new project My Place South Triangle will be a P2-billion development composed of four towers offering a total of 3,000 units.

SMDC said construction of the project will commence by October with completion of "Phase 1" estimated by the first half of 2013. In line with its business model targeting "mobile young adults" or "startup families," My Place South Triangle will offer units at a preselling price starting at P1 million.

Room sizes will range from 20 square meters (sqm) to 40 sqm. with unit types ranging from studio, studio with garden, one-bedroom, one-bedroom L-type, and two-bedroom. The project, bound by Panay Avenue and Mother Ignacia St., is located near the ABS-CBN compound.

"Together with our SM Residences brand, this new and exciting business model will further strengthen SMDC's product offerings," SMDC president Rogelio Cabuñag said.

The development will also have amenities such as a swimming pool, garden lounge, jogging path and a children's playground and will offer wireless internet in its common areas. My Place South Triangle will also have a commercial and retail component in the ground floor of the towers.

In an earlier interview, SMDC vice chairman and chief executive officer Henry Sy Jr. said the firm plans to build at least five My Place projects this year until next.

New launches under My Place and the company's traditional SM Residences brand will help SMDC post profit growth of 30 percent to 50 percent yearly until 2015, Sy said.

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My Place South Triangle - News in Business World 062210

2010-07-02T14:09:17Z

SM to build more condos for "yuppies"
Business World
June 22, 2010

SM Development Corp., the listed property arm of the Henry Sy-led SM mall and banking group, may build two more condominium projects for its newest market -- young professionals -- this year, executives said yesterday.

My Place condominiums offer "independent living" for young professionals such as those in outsourcing and call centers.

The announcement was made as the listed property developer launched the first project under its new residential brand "My Place," which offers "independent living" for young and single homeowners.

The P2-billion My Place South Triangle is expected to widen the market base of the three-year-old property developer.

SM Development may start five projects this year, of which one or two may be My Place condominiums. "If the sales are strong, we will finish them before next year," Henry T. Sy, Jr., vice-chairman and chief executive of SM Development, said in a press briefing.

Four of the next projects will be in Quezon City while one is still under negotiation.

"In ordinary situations, probably we will launch one to two My Place projects," Mr. Sy said.

Under the master plan of SM Development, Mr. Sy said "all our projects are always near the mall. If we do not have a mall, we will put a supermarket below."

"My Place South Triangle is SM Development's first project under its My Place brand, which embodies the company's pioneering concept to tap a younger market that yearns for independent living," SM Development President Rogelio R. Cabuñag said in a statement yesterday.

"My Place South Triangle is a four-tower condominium project that occupies about a hectare of land," the property firm told the local bourse yesterday. The proposed four towers will have 3,000 units for sale.

The project is adjacent to Panay Avenue and Mother Ignacia Street in Quezon City. The firm will sell studio, studio with garden, one-bedroom, one-bedroom, L-type, and two-bedroom units.

Pre-selling prices for the units will start at P1 million for 20- to 40-square-meter units.

Construction of My Place South Triangle will start in the fourth quarter and the first phase will be completed in the first half of 2013.

Amenities in My Place include a swimming pool, a garden lounge, jogging path, a children's playground, and wireless Internet connection in common areas. Commercial and retail spaces will be located at the ground floor.

Early this month, SM Development said it would launch the third high-rise tower of its P6.8-billion Light Residences in Mandaluyong.

Late last month, SM Development secured P10 billion from corporate notes. The SM group might unload shares equivalent to 5% to 10% in its property arm to raise a minimum of P1 billion to buy more land.

SM Development has so far built 11 condominium projects.

Mr. Sy said the property developer was looking at starting its first provincial project early next year, preferably in Cebu and Davao.

"I bought some properties already in Cebu and Davao," he said.

Shares in SM Development -- whose profits rose by more than half in the first quarter to P632 million due to revenue streams from new projects -- closed higher at P7.20 each yesterday from P7 on Monday. -- Neil Jerome C. Morales

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My Place South Triangle - News in GMA TV 062210

2010-07-02T14:18:19Z

SM Development launches new condominium project
GMA News TV
06/22/2010 | 08:45 PM

SM Development Corp., the property development unit of conglomerate SM Investments Corp., Monday launched its first affordable residential condominium project in Quezon City, called My Place South Triangle.

The P2 billion project is a four-tower condominium development in a one-hectare property, containing about 3,000 units.

"My Place South Triangle is SMDC's first project under its My Place brand, which embodies the company's pioneering concept to tap a younger market that yearns for independent living," SM Development president Roger R. Cabuñag in a statement said.

The units of My Place South Triangle are selling starting at P1 million each.

My Place South Triangle will break ground during the last quarter of the year, with Phase 1 to be completed after about two years. VS, GMANews.TV

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My Place South Triangle - News in Malaya 062310

2010-07-02T14:01:09Z

SMDC to spend P2B for MyPlace
Malaya Business Insight
23 June 2010

SM Development Corp. (SMDC) will be spending P2 billion for the maiden residential project under the brand MyPlace, which will rise in Quezon City.

Tagged My Place South Triangle, the project is bounded by Panay Avenue and Mother Ignacia Street, and only a few steps away from the ABS-CBN compound.

My Place South Triangle will be a four-tower condominium project that occupies about a hectare of land. Combined, the four towers of the project will offer approximately 3,000 units for sale, SMDC said.

The total units offered has significantly increased from 2,000 which SMDC chairman Henry Sy, Jr., announced in April.

"My Place South Triangle is SMDC's first project under its My Place brand, which embodies the company's pioneering concept to tap a younger market that yearns for independent living. Today's upwardly mobile young adults who are at the early stages of a successful career and who would want a place to call their own, either for themselves alone or for their start-up families, are a perfect fit for My Place homes. Together with our SM Residences brand, this new and exciting business model will further strengthen SMDC's product offerings," said SMDC president Roger R. Cabuñag.

Available unit types are studio, studio with garden, one bedroom, one-bedroom L-type, and two-bedroom.

Sy said MyPlace is a new niche that SMDC wants to venture into. This is the company's first offering for units at P1 million.

The pre-selling prices for the units, SMDC said in a statement, are estimated to start at P1 million for unit sizes ranging from 20 square meters (sqm) to 40 sqm.

Construction of the project will commence by the fourth quarter of this year and completion of its Phase 1 is estimated to be by the first half of 2013.

My Place South Triangle's amenities include a swimming pool, garden lounge, jogging path, and a children's playground, among others. It will also offer wireless Internet (WIFI) access in common areas. For added convenience, commercial and retail areas will be located at the ground floor of the towers. In addition, the project site is surrounded by a variety of well-known restaurants, banks, schools, and other popular commercial establishments, and is only a five- to ten-minute walk to and from Quezon Avenue and the EDSA MRT (Metro Railway Transit) station.

It is near hospitals such as Capitol Medical Center and St. Luke's Medical Center.

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My Place South Triangle - News in Manila Bulletin 080410

2010-08-07T13:12:09Z

SMDC profits rise 24% to P1.3 billion in H1
Wednesday, August 4, 2010
Manila Bulletin
By JAMES A. LOYOLA

SM Development Corporation (SMDC) reported a 24 percent growth in consolidated net income for the first six months of 2010 to P1.3 billion as net recurring income from real estate operations surged 47 percent to P1.1 billion from P0.8 billion in the same period last year.

In a disclosure to the Philippine Stock Exchange, SMDC said it registered a 77 percent increase in realized revenues from real estate operations for the first half of 2010 to P4.1 billion from P2.3 billion in the previous year.

It also noted that net income rose 24 percent even after the effects of the one-time gain in marketable securities recorded last year and the increase in financing cost this year as SMDC raised P10 billion worth of bonds in the second quarter to fund its landbanking activities.

Pre-sales in the first half of 2010 surged 210 percent to P12.4 billion. This attests to the strong market take up of new SM Residences launched late last year, which include Princeton, Light, Jazz, Sun, and Wind.

"SMDC's healthy and dynamic performance during the first half of the year is a result of the dedicated service of the SMDC team and the market's strong acceptance of our product offerings," said SMDC vice chairman Henry Sy, Jr.

He added that "we continue to trailblaze this sector as we launch more projects, particularly "My Place," a new brand of residences that reaches out to young and independent homeowners wanting to express their personal sense of style."

As of the first half of 2010, SMDC had 13 residential projects in the market. In June this year, the company launched My Place South Triangle in the Panay Avenue - Mother Ignacia area of Quezon City. It is SMDC's initial project under its new My Place brand.

This pioneering business model aims to tap a younger market, composed mostly of upwardly mobile young adults who want to experience independent living.

My Place South Triangle - News in Manila Bulletin 072710

2010-08-05T06:07:10Z

A place of one's own
Manila Bulletin
July 27, 2010, 10:34am
By CARLOMAR A. DAOANA

Having one's own home used to be a far-fetched dream for someone newly introduced to the job market. It would have to take years of savings and combined income with one's spouse before that dream of a house would come true. In the meantime, one would have to spend money on rent and other incidental expenses that could have been funneled to one's house fund.

The recent boom in condominiums has afforded people the opportunity to invest on a place they can call their own. Only a handful real estate companies, however, have focused on the young professional whose income may not yet be flexible to accommodate a monthly mortgage. SM Development Corp. (SMDC) proves that the untapped market of the upwardly mobile is ready for a decisive real estate purchase with My Place, its newest project.

"At My Place, independent living is well within the reach of every young professional," says Imee Landicho, SMDC project director. "There's no need for young, hardworking professionals to compromise their lifestyle. My Place gives them a viable investment option while at the same time, giving them the freedom to set their own directions."

Located in South Triangle (bounded by Panay and Mother Ignacia Avenues), Quezon City, My Place is primarily appealing for its affordability. For P7,000 a month ("approximately the monthly cost of buying two blended coffee drinks a day"), one can already procure a space that can signify one's independence, right within the active, pulsating life of the metro.

It's no surprise that SMDC has tapped Kim Chiu to endorse My Place, considering that its location is near ABS-CBN, her mother studio. Ever since she left the Big Brother house a couple of years ago, Kim has lived independently from her family, something that she encourages other young people to try. "I have a two-bedroom unit," says Yes Magazine's Most Beautiful Place. "What I like about it is that I can design it myself; it will have girlie touches, frills, and lots of pink."

Apart from its price point, My Place also takes pride of its accessibility. On the ground floor will be the Save More Supermarket, cafes, and restaurants. It will also feature 24/7 Wi-Fi connectivity and the Chillscape Garden Lounge where owners can study or simply chill out. "Through "My Place, My Design" units," adds Landicho, "owners will have the freedom to add personal touches to the interior design, from the perfect floor tiles to the softest bed."

Chief architect of the project Albert Yu highlights its "green" features. "For this project, we will able to harvest 50,000 gallons of rain that will water the plants in the garden," says the architect. "All units will have big windows and all hallways will be naturally ventilated and lighted. Because of this, unit owners will pay less common dues."

Homeowners can draw confidence that the project will be delivered on schedule from the name behind it: SMDC. Its portfolio of completed projects under its belt (not to mention the retail giant that lends its name to the company) is proof of its commitment of giving Filipinos the chance of owning and designing their own space in the world.

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My Place South Triangle - News in Manila Standard 062310

2010-07-02T14:14:52Z

SM group bares first low-cost condo project in QC
by Jenniffer B. Austria
Manila Standard
Wednesday, June 23, 2010

SM Development Corp., the property development unit of conglomerate SM Investments Corp., launched Tuesday its first low-cost residential condominium project in Quezon City, called My Place South Triangle.

The P2-billion project is a four-tower condominium development located in a one-hectare property along Panay Avenue and Mother Ignacia St., site of the former Danarra Hotel and Resort. The project will contain approximately 3,000 units.

"My Place South Triangle is SMDC's first project under its My Place brand, which embodies the company's pioneering concept to tap a younger market that yearns for independent living," said SM Development president Roger Cabuñag in a statement.

"Today's upwardly mobile young adults who are at the early stages of a successful career and who would want a place to call their own, either for themselves alone or for their start-up families, are a perfect fit for My Place homes. Together with our SM Residences brand, this new and exciting business model will further strengthen SMDC's product offerings," he said.

Available unit types at My Place South Triangle are studio, studio with garden, one-bedroom, one-bedroom L-type and two-bedroom.

The pre-selling prices for the units are estimated to start at P1 million for unit sizes ranging from 20 square meters to 40 sq. m.

Construction of the project will commence by the fourth quarter of this year, with completion of the first phase expected by the first half of 2013.

My Place South Triangle's amenities include a swimming pool, garden lounge, jogging path and a children's playground. It will offer wireless Internet (WiFi) access in common areas. Commercial and retail areas will be located at the ground floor of the towers for added convenience.

The project site is surrounded by a variety of well-known restaurants, banks, schools and other popular commercial establishments and is near Quezon Avenue and the EDSA MRT station. It is also close to hospitals such as Capitol Medical Center and St. Luke's Medical Center.

Net profit of SM Development rose 51 percent to P632 million in the first quarter from P419 million year-on-year, on strong real estate sales from projects launched last year.

Real estate operations grew 48 percent to P628 million from P425 million a year ago while consolidated revenues stood at P2 billion, up 48 percent on year. Realized revenues from real estate rose 45 percent to P1.9 billion from P1.3 billion in 2009.

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My Place South Triangle - News in Manila Times 062310

2010-07-02T14:23:25Z

SMDC launches low-cost residential condo venture
Manila Times
Wednesday 23 June 2010

The housing arm of the SM Group launched its first residential condominium project under its low-cost brand My Place on Tuesday. In a disclosure to the Philippine Stock Exchange, SM Development Corp. (SMDC) said the P2-billion, four-tower My Place South Triangle will rise at the site of the old Danarra Hotel in Panay Avenue, Quezon City.

The company said it will now increase the number of units to be sold from an initial announcement of 2,000 units to 3,000 units.

My Place South Triangle's amenities include a swimming pool, garden lounge, jogging path, and a children's playground, among others. It will also offer wireless Internet access in common areas.

The residential project will also house commercial and retail areas at the ground floor of the towers.

SMDC said the My Place brand is the company's avenue to tap the "unserved" market that is composed of "yuppies" or the young urban professionals, call center agents, workers moving out of their parents' homes, and investors who could rent the units out to students.

"Today's upwardly mobile young adults who are at the early stages of a successful career and who would want a place to call their own (either for themselves, alone or for their start-up families) are a perfect fit for My Place homes," Roger Cabuñag, SMDC president, said.

"Together with our SM Residences brand, this new and exciting business model will further strengthen SMDC's product offerings," he added.

Pre-selling prices for the units are estimated to start at P1 million for units ranging from 20 square meters to 40 square meters. The unit types available for My Place South Triangle are studio, studio with garden, one-bedroom, one-bedroom L-type and two-bedroom.

Construction of the project will start by the fourth quarter of the year and Phase 1 should be completed by the first half of 2013.

Henry Sy Jr., SMDC chairman, had said the company would earn a "slightly lower" profit margin from My Place compared with its other brands. He said that the price of housing units cannot keep up with construction materials, thus the company has to be "creative" by employing "value engineering" in constructing My Place.

SMDC shares rose from P7 to P7.20 each on Tuesday.
KRISTA ANGELA M. MONTEALEGRE

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My Place South Triangle - News in Phil Daily Inquirer 062210

2010-07-02T14:25:38Z

SMDC launches Quezon City project
Philippine Daily Inquirer
First Posted 20:55:00 06/22/2010

The company on Tuesday disclosed that it had launched its latest residential development, dubbed My Place South Triangle.

Bounded by Panay Avenue and Mother Ignacia Street in Quezon City and only a few steps away from the ABS-CBN compound, the project is a four-tower condominium project that occupies about a hectare of land. Combined, the four towers will offer about 3,000 units for sale.

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