SM Development Corp. is replicating its Mezza-type
development in two new projects the company is looking to
develop towards the latter part of the year.
Rogelio Cabunag, president of SMDC, said SMDC
will build Field and Sea Residences, both mid-rise residential
condominium projects that will highlight the projects’ proximity
to the public common convergence point – SM malls.
SMDC earlier announced that it has allocated
P3 billion as capital expenditures for the year for its list of
projects, which include two others in Tagaytay and Baguio, the
launching of which are still being planned.
Field Residences is a seven-hectare
development beside SM Sucat mall and will be composed of six
clusters of 15-storey condo units with combined available units
of 1,700.
Meanwhile, Sea Residences will be a
six-cluster project to be constructed in the vicinity of SM Mall
of Asia with total available units of 2,600. The Sea Residences
will be developed in three phases, with the first phase slated
for completion by 2010.
SMDC plans to develop their projects around
its chain of SM malls around the country, leveraging on the
Filipinos’ habit of going to malls to pass time.
SMDC’s maiden offering of such concept was
the Mezza Residences located in front of SM Sta. Mesa mall.
Mezza is a 2,420 unit, four 38-storey towers
connected by a retail podium.
Sales for the residences, by end of 2007,
have reached P1.6 billion.
Meanwhile, SMDC said it is looking to
generate P2.3 billion from its Berkeley Residences project along
Katipunan Avenue in Quezon City.
Launched late last year, Berkeley Residences
is a 35-storey condominium that is marketed primarily for
families with students studying at schools located in the
Katipunan area – Ateneo de Manila University, Miriam College and
the University of the Philippines.
Berkeley offers a total of 1,063 studios,
one-bedroom and two-bedroom units sold between P1.5 million and
P3.5 million.
The P1.36-billion project has been 53-percent sold since
November, according to Cabuñag, with turnover set for December
2010.
