SM Development Corp., the real estate unit of retail tycoon Henry Sy, expects to generate P7.4 billion in revenues from a 50-story residential project along Taft Avenue in Manila.

SM Development assistant vice president for marketing Aye Luna said in a press briefing Green Residences, which offers 3,378 units, is 90 percent sold. The remaining 300 units are expected to be sold by the middle of 2014.

Luna said most of the Green Residences buyers were investors planning to lease the units to students enrolled in nearby universities, as well as families with children studying within the area.

“It is a good investment for buyers because of the growing student population of universities located within the area,” Luna said.

The 50-story tower situated right beside De La Salle University and near University of the Philippines and College of St. Benilde.

Luna said the remaining 300 units are located in the top five floors of the tower and are selling at P1.8 million to P2 million for a studio unit and P2.2 million to P3 million for a one-bedroom unit.

Amenities offered by Green Residences are study halls and function rooms, gym, swimming pool and game room.

The project is 30 percent complete and is scheduled for turnover by 2016.

Green Residences is one of the six residential developments of SM Development that  targets students.

The high-rise projects of the company situated in nearby schools are Berkley and Blue Residences along Katipunan in Quezon City, Princeton Residences in New Manila, Quezon City, Sun Residences along España Boulevard and Mezza Residences in Sta. Mesa.