MANILA, Philippines - Residential builder SM Development Corp. (SMDC) is close to completing a four-tower condominium project in Quezon City.
In a statement, SMDC said it already topped off Tower C of its four-building M Place @ South Triangle development.
The 27-story tower has 778 units targeted for young professionals and start up families, SMDC said.
“Construction of Tower C began in July 2012 and start of turnover to homebuyers is expected in the third quarter of 2014,†SMDC added.
Towers A and B were topped off in May and in August last year, respectively, and are more than 90 percent sold.
The final tower in M Place is already under construction and is scheduled to be topped off in early July. SMDC said it will be completed in the second quarter of 2015.
M Place covers an area of almost one hectare between Panay Avenue and Mother Ignacia Avenue.
“On full completion, the development will have a total of 3,437 units,†SMDC said, adding that studio, one-bedroom and two-bedroom units are priced at P1.3 million to P3.6 million each.
The four-tower development is close to commercial establishments along the Timog and Tomas Morato area.
When the project is completed, M Place will have a Savemore store and various shops and services for residents’ convenience, SMDC said.
The condominium builder of Henry Sy’s mall and banking conglomerate SM Investments Corp. alloted P71 billion in capital expenditures to complete existing projects and enter new property ventures in the next three years.
It will spend around P20 billion this year, P26 billion in 2014 and P25 billion in 2015.
SMDC plans to launch four new projects and expand three existing developments in Metro Manila to cater to the supply gap. It will introduce 13,000 units this year, almost double the 7,000 units in 2012.
In the first quarter, consolidated net income of SMDC jumped 12 percent to P1.4 billion due to improved gross profit margin and increased economies of scale. Real estate revenues rose four percent to P5.9 billion.
As of end-2012, SMDC had 15 ongoing residential condominium projects all in Metro Manila, with the exception of Wind Residences in Tagaytay.