MANILA – SM Development Corp (SMDC) is forming a new subsidiary that will lease and sell ready-for-occupancy (RFO) units.

Aye Luna, SMDC assistant vice president for marketing, last week told reporters that a maximum of 20 percent of units in future residential projects will be allotted as RFO.

“Ibang klaseng handling yung kailangan, It’s a different package altogether. We are segmenting that for RFO kasi our customers are so used to us doing pre-selling. What we will have is an easy move-in product, wala ka nang iisipin,” Luna said.

“We are catering to a different set of market kasi may mga tao na hindi bumibili hangga’t di nila nakikita,” she said.

On the average, prices would have escalated by a fifth from pre-selling to the time the units are delivered to the buyers, Luna said.

“These are the units we want to hang on to and put more value into,” she said.

SMDC is turning over new phases or towers at Chateau Elysee, Field Residences, Mezza Residences, Berkeley Residences, Sea Residences, Light Residences, Princeton Residences, Grass Residences, Sun Residences, and Wind Residences this year.

This year, SMDC is spending P15-18 billion to roll out four new projects, expand one or two existing developments and beef up its land bank.

The residential arm of the SM Group launched three projects last year, namely Grass Residences Phase 2, Shore Residences and Trees Residences.

SMDC is part of SM Prime Holdings Inc, the holding firm for the malls, residential, commercial, hotels and conventions, and leisure businesses of Henry Sy and .