SMDC allots P2.5B for Chateau Elysee completion

SM Development Corp. (SMDC), the property unit of retail tycoon Henry Sy, is spending up to P2.5 billion for the completion of its Chateau Elysee residential condominium project in Bicutan, Parañaque City.

SMDC assistant vice-president Gilbert Ang said the company is building a new cluster of French-Mediterranean-themed buildings – the fourth of the planned six-cluster Chateau Elysee, which will offer a total of 500 units.

Units are priced at P900,000 to P2.8 million.

Ang said the buildings will have seven stories and house 125 units per building.

He said construction of the fifth cluster will start in the next six months.

“The rising market uptake of Chateau Elysee is largely due to its very affordable payment terms and overall high quality of the development in which buyers get more than what they have paid for.

We plan to finish the remaining two clusters by 2009 or one cluster for every year to meet the demand, “ Ang said.

Around 85 percent of Chateau Elysee’s inventory has already been sold and turned over to customers.

SMDC has earmarked P1.5 billion to P2 billion for the construction of three new residential projects – Lindenwood Residences, a residential subdivision located in Susana Heights in Alabang; Berkley Residences (a 30-story condominium along Katipunan in Quezon City); and Grass Residences (a three tower condominium in North Edsa).

Lindenwoods is scheduled for completion by the first quarter of 2008 while Berkley is targeting students, university academic professionals and upstart families. The units are priced at between P1 million and P4 million.

Aside from this, the company is also considering developing mid-rise condominium projects in Tagaytay where it owns a 14-hectare property.

The residential units are priced at between P1 million and P2 million.

The Baguio project, on the other hand, will rise on a 1.2-hectare property owned by state pension fund Government Service Insurance System.