By Zinnia B. Dela Peña Updated April 28, 2009 12:00 AM
MANILA, Philippines - Upbeat on the property sector, SM Development Corp. (SMDC) is rolling out four new projects estimated to cost around P15 billion as part of efforts to further boost sales.
At the same time, SMDC president Rogelio Cabunag said the firm’s first quarter net earnings reached P400 million this year, more than 28 times the P14 million reported the previous level. This was driven by a 109-percent jump in sales to a little over P1 billion.
“We’re quite bullish that’s why we have lined up new projects this year,” said SMDC vice-chairman Henry Sy Jr. in a press briefing following the company’s stockholders’ meeting yesterday.
Sy said the company will continue to beef up its landbank to further strengthen its hold in the highly-competitive industry. The company currently has 1.4 million square meters of undeveloped land. “As we see the market continuing to strengthen, we keep developing and buying properties to ensure continued growth.
Cabunag said the four high-rise residential projects include Princeton Residences, Tree Residences, Wind Residences in Tagaytay and Jupiter Residences.
Princeton Residences, a 37-story condominium building located in a 2,400-square meter property along Gilmore St. in Quezon City, is estimated to cost P1.5 billion. Construction will start this year and is slated for completion in 2012. A total of 1,088 units will be offered to the public.
Tree Residences, on the other hand, will involve the development of eight 12-story mid-rise buildings, costing around P2 billion. The project, offering a total of 2,420 units, will rise on a 5.4-hectare pro-perty on Imelda Ave. in Cainta, Rizal and is targeted for completion in 2012.
Wind Residences, meanwhile, is expected to cost P4.3 billion and will make available a total of 2,300 units. Completion of the project is set for 2015.
Situated in Jupiter and Reposo streets in Makati, Jupiter Residences comprises six 40-storey towers with a total of 5,224 units costing around P7.2 billion.
The company has earmarked P7.2 billion for capital expenditures this year or 40 percent higher than the 2008 level. Around 80 percent of the capital budget will be sourced from internally generated funds while the remaining 20 percent will come from borrowings
Following the success of Mezza Residences in Sta. Mesa, Manila, SMDC will launch Mezza Residences 2 consisting of two buildings with 38 storeys offering 1,353 units.
Other projects in the pipeline will be located in Taft Ave., Manila, España corner Mayon in Quezon City and another project in near the MRT Boni Station in EDSA.
“These projects are products of SMDC’s winning combination of prime location that offers convenience and accessibility to homeowners, upscale look and appeal, first rate amenities and affordable payment plans,” Sy said.
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