SM Development Corp., the residential unit of property giant SM Prime Holdings Inc., is expanding its product offering by venturing into economic housing and medium-rise buildings.

SM Development said in a statement would launch next year its first economic housing project in Central Luzon.

The company did not disclose the location of the project.It said the gated development would offer house and lots, well-appointed amenities, and a commercial development right beside it.

“We would like to offer the cosmopolitan lifestyle to as many Filipinos to allow them to live in lifestyle districts anchored on the synergies of SM’s property developments,” SMDC executive vice president Jose Mari Banzon said.