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My Place South Triangle - News in Manila Bulletin 080410

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

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.