SM Development Corp. (SMDC) has almost sold out a P7.4-billion condominium project in Manila, an official said yesterday.

“As of today, we are proud to say that 90% have been sold out; we have around 300 units left,” Roncel A. Nebre, SMDC assistant vice-president and Green Residences project director, said in a briefing yesterday in Pasay City.

The company expects to sell the remaining units by June next year. The remaining units, collectively valued at P700 million, are on the 47th to 53rd floors of the building.

Touted as “Manila Bay View” units, the rooms offer Manila Bay sunset scenery and a view of the Manila cityscape.

SMDC started construction and selling in 2011, with the firm looking to start turnover by 2016. As of yesterday, the tower is 30% complete.

Green Residences, which has a total of 3,378 units, is located along Taft Avenue near De La Salle University, De La Salle – College of St. Benilde, St. Scholastica’s College and Adamson University.

The price of a 16-square-meter studio unit starts at P1.2 million while a one-bedroom 27-m2 unit costs around P2.8 million and above. The Manila Bay View units, which start at 27 m2, cost P3 million and above.

SMDC has a presence in various areas near campuses. It has Blue Residences along Katipunan Avenue in Quezon City, near Ateneo de Manila University, and Sun Residences fronting Welcome Rotonda in Quezon City, near the University Belt area in Manila.

SMDC’s net income grew by 6.01% to P2.82 billion in the first semester from P2.66 billion in the same period last year.

This as revenues from real estate sales rose by 0.17% to P11.92 billion from P11.90 in billion while cost of sales jumped by 7.64% to P7.25 billion from P7.85 billion in the January-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 the SM Group’s plan to consolidate its real estate ventures under mall developer and operator SM Prime Holdings, Inc. — Cliff Harvey C. Venzon