SMDC eyes P5-billion sales from 50-story Green Residences along Taft Ave

MANILA, Philippines - SM Development Corp. (SMDC) is eyeing P5 billion in sales from a new 50-story residential condominium it is developing along Taft Ave. in Manila.

SMDC vice-president Jose Gabionza said the company is spending about P2.5 billion to P3 billion to construct the building, which will offer 3,000 studio suites and one-bedroom units with or without a balcony. The units, with an average size of 15 to 35 square meters, would sell for between P1.5 million to P3.5 million.

Construction of Green Residences, SMDC’s newest project, started late last year, with target completion estimated by the first half of 2016.

Including Green Residences, SMDC currently has 15 residential projects under its SM Residences brand and two projects under the M Place brand, which caters to the affordable segment of the market.

Green Residences is conveniently located along Taft Ave. near the corner of Vito Cruz St., just a short distance away from De La Salle University, College of St.Benilde, St. Scholastica’s College, and the Vito Cruz station of LRT Line 1.

The planned amenities of Green Residences include a library with Wi-Fi hotspots, a gym, a game room, function rooms, and a swimming pool. There will also be an SM SaveMore branch together with a selection of other shops and restaurants at the ground floor of the building.

SMDC is looking at a 10 percent growth in reservation sales this year on the back of new product launches.

For 2012, SMDC intends to launch four to five projects.