MANILA – Henry Sy-led SM Development Corp (SMDC) has launched the third tower of its residential condominium project in Taguig City.

In a statement, SMDC president Jeffrey C. Lim said the first two towers of Grace Residences have received a “very warm reception” from buyers.

“Hopefully we will see more of the same for the next two towers of this project,” Lim said.

Located on a 2.5-hectare lot along Cayetano Boulevard near C5 road in Taguig City,  the four-tower development will have approximately 3,500 units spread over a gross floor area of approximately 160,000 square meters which will be constructed over three to five years.

For the third tower, one-bedroom units with a size of 22-square meters are available starting at P1.97 million.

“Grace continues to be a highly attractive proposition since it is just minutes away from our newly opened SM Aura Premier, as well as from the Makati Central Business District and the Ortigas Center. Due to its strategic location, some of the country’s top schools, hospitals, restaurants, shopping and entertainment venues are within easy reach,” Lim said.

Grace Residences offers lush open spaces and landscaped areas; swimming pools and pool deck areas; a basketball court, a children’s playground and a meditation garden. The project will also have a retail area.

SMDC’s net income rose nearly six percent year-on-year to P2.82 billion in the first half from P2.66 billion a year ago.

SMDC is launching three to four new projects this year namely, Trees Residences and Grass Residences Phase 2 in Quezon City; Shore Residences at the Mall of Asia Complex; and Rich Residences in Mandaluyong. It will also build expansion towers at Wind Residences, Field Residences, and Grace Residences.

These new and expansion projects will add about 13,300 units of new inventory, nearly double the 7,000 unit launches last year.

SMDC is spending P71 billion over the next three years to bankroll its expansion drive.