SMDC News in Philippine Star 090110

SMDC sells P11.3 billion worth of residential units in Metro in first half

The Philippine Star
Wednesday, September 1, 2010
By Zinnia B. Dela Peña

MANILA, Philippines – SM Development Corp. (SMDC) has sold over 5,000 units worth P11.3 billion in the first half this year, making it the largest residential developer in Metro Manila both in terms of the number of units sold and the value of sales, according to property research specialist Colliers International Philippines.

The performance of SMDC was compared with those of nearly 80 other developers competing in Metro Manila.

SMDC attributed the robust take-up of its units to the projects’ good location, aggressive marketing and competitive pricing strategy.

Last year, the company sold a total of 4,700 units.

SMDC’s sale of condominium units from January to June this year accounted for 26 percent of total real estate sales in Metro Manila and exceeded the company’s full-year sales in 2009. The 210-percent growth in sales mainly came from Princeton, Light, Jazz, Sun and Wind Residences projects.

In addition to its current inventory, SMDC plans to launch this year My Place, Blue Residences and Green Residences.

“We thank Colliers for this citation – a very encouraging development especially since SMDC is one of the new players in the business. Moving forward, it is our goal and our mission to provide the best home for every Filipino, through improved lifestyles, an innovative approach to design and amenities, finding the best locations, even as we price them right,” SMDC vice chairman Henry Sy Jr. said.

As of the first half this year, SMDC had 13 residential projects in the market. In June, the company launched My Place South Triangle on the Panay Avenue – Mother Ignacia area of Quezon City. It is SMDC’s initial project under its new My Place brand which aims to tap a younger market, composed mostly of upwardly mobile young adults who want to experience independent living.

Together with the company’s SM Residences brand, My Place is expected to further strengthen SMDC’s product offerings.

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