MANILA – SM Development Corporation (SMDC) has nearly sold out its condominium project near De La Salle University, underscoring brisk demand for high-rise units near schools.

In a briefing today, Roncel A. Nebre, project director of Green Residences, said 90 percent of the Taft Avenue project has been sold to buyers since its soft launch in November 2011.

SMDC expects to sell the remaining 300 units by the first half of 2014. The remaining inventory is mostly Manila Bay View units at the upper floors of the project, offering views of the Makati cityscape and the Manila Bay sunset scene.

At 50 storeys, Green Residences is the tallest building along Taft Avenue, housing a total of 3,378 units with a total sales value of P7.4 billion.

“It’s a very good investment that’s why a lot of buyers have decided to buy several units kaya mabilis ang benta,” said Aye Luna, SMDC assistant vice president.

The price for a 15.65-square meter studio unit at Green Residences starts at P1.8 million, while a 27-square-meter one-bedroom unit starts at P3.5 million.

Construction of Green Residences is 30 percent complete, with turnover expected in the first half of 2016.

“Parents choose living spaces for their children that are close to schools, because aside from convenience, proximity also translates to security,” Nebre said.

Green Residences also features the Sky Lounge — a social space that will serve as an extension of the school social scene. This area has study halls and functions rooms designed for study sessions, brainstorming activities, and other school activities that require a safe and secure environment conducive to learning.

Since introducing projects for the student market in 2006, Henry Sy-owned SMDC has expanded this portfolio to six projects, which are either nearly sold out or ready for delivery. They are Blue and Berkeley Residences along Katipunan Avenue, Princeton Residences in New Manila, Mezza Residences in Sta. Mesa, and Sun Residences along Welcome Rotonda.

Green Residences’ various amenities include a swimming pool, game room, and gym. It also has a SM Savemore branch that will offer retail and food shops, apart from grocery items, which will also be integrated in the project’s overall blueprint.