SM DEVELOPMENT CORP. (SMDC) has launched a new condominium project in Quezon City, the real estate company said in a statement yesterday.
Located in Novaliches, Trees Residences occupies eight hectares with access to SM City Fairview and the planned Metro Rail Transit Line 7, which will run from North Avenue in Quezon City to San Jose del Monte, Bulacan.
The mid-rise condominium village will consist of a gated enclave, landscaped parks in between buildings, swimming pools, function rooms, a multipurpose court, and access to a retail strip with a Save More shop.
The project will be built over four years, SMDC said.
PORTFOLIO GROWING
Details of the project were not immediately available, but SMDC President Jeffrey C. Lim said in a text message yesterday that the company was looking to book P10 billion in revenues from Trees Residences.
Studio, one-bedroom and two-bedroom units are available starting at P1.2-1.8 million, according to the statement.
“SMDC is committed to provide access to more upgraded urban living through vertical villages that are integrated with a commercial retail environment. It is also the company’s commitment to bring top quality homes to every Filipino,” Mr. Lim said in a statement.
Trees Residences adds to 13 other SMDC residential condominium projects now under way across Metro Manila, namely: Grass Residences, behind SM City North EDSA in Quezon City; Blue Residences, at the corner of Katipunan Avenue and Aurora Boulevard in Quezon City; Mezza II Residences, along Aurora Boulevard in Quezon City; M Place @ South Triangle in Quezon City; Sun Residences, beside Mabuhay Rotunda at the boundary of Manila and Quezon City; Light Residences along the northbound side of Epifanio de los Santos Avenue; Green Residences along Taft Avenue in Manila City; Jazz Residences in the Makati City; Shell Residences in the Mall of Asia Complex in Pasay; Breeze Residences in Pasay City; Shine Residences in the Ortigas Center in Pasig City; Grace Residences in Taguig City; and Field Residences in Parañaque City.
SMDC’s financial performance as of end-September was not immediately available after the company was folded into SM Prime Holdings, Inc. as part of SM Group’s consolidation of its property businesses under the listed mall developer and operator.
SMDC’s net income grew by 6.01% to P2.82 billion in the first semester from P2.66 billion in the same six months last year. In the same comparative periods, revenues from real estate sales edged up just 0.17% to P11.92 billion from P11.90 billion, while cost of sales fell by 7.64% to P7.25 billion from P7.85 billion.
SMDC, which delisted last Nov. 5, was incorporated in 1974 and listed in 1975 as investment firm Ayala Fund, Inc. before it was taken over by the SM Group in 1986. The company adopted its current designation in 1996. — Cliff Harvey C. Venzon