My Place South Triangle - News in Business Mirror 062210

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.