My Place South Triangle Header

My Place South Triangle - News in Manila Standard 062310

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.

Click here to go to the source of the article