SM Development Corp. (SMDC) is looking to book P2.2 billion in revenues from the third building of its four-tower condominium in Taguig City, an official said recently.

SMDC last month announced the launching of the third tower of Grace Residences.

“Gross revenues from this tower is P2.2 billion,” SMDC President Jeffrey C. Lim said in a text message when asked for target sales of the third tower.

Mr. Lim, in a statement, said he expects similar “warm reception” for the third tower. “We are pleased with the very warm reception from buyers of the first two towers of Grace Residences,” Mr. Lim was quoted in the statement as saying. “Hopefully, we will see more of the same for the next two towers of this project.”

Grace Residences Tower 3 will have 20 floors and 1,115 units, SMDC’s corporate communications department said in an e-mail yesterday.

Units are available starting at P1.97 million per unit for a 22-square-meter room.

Grace Residence occupies approximately two and a half hectares of land along Cayetano Boulevard, near C-5 road in Taguig City.

The four-tower development — to be completed in the next three to five years — will offer approximately 3,500 units spread across a gross floor area of approximately 170,000 square meters.

Grace Residences’ 12-storey Tower A and its 20-storey Tower B were launched in November 2012. The last tower is planned to be launched next year, SMDC had said in July.

SMDC’s net income grew by 6.01% to P2.82 billion in the first half from P2.66 billion in the same six months last year. In the same comparative periods, revenues from real estate sales edged up 0.17% to P11.92 billion from P11.90 billion, while cost of sales jumped by 7.64% to P7.25 billion from P7.85 billion in January to June period.

SMDC was incorporated in 1974 and listed in 1975 as closed-end investment firm Ayala Fund, Inc. before it was taken over by the SM Group in 1986. The company adopted its current designation in 1996.

The company is presently working on delisting from the Philippine Stock Exchange in line with SM Group’s plan to consolidate its real estate ventures under mall developer and operator SM Prime Holdings, Inc. 

SMDC shares fetched P6.81 apiece when they were last traded on Aug. 12. — Cliff Harvey C. Venzon