Sobre la constructora SM
SM Development Corp., the property unit of retail tycoon Henry Sy, meanwhile, has raised P6.2 billion from the issuance of 7- and 10-year notes to finance real estate projects.
SM Development by far is one of the most aggressive companies in the condominium sector, along with Megaworld. It is launching three to four new projects this year. These are Trees Residences and Grass Residences Phase 2 in Quezon City; Shore Residences at the Mall of Asia Complex; and possibly Rich Residences in Mandaluyong.
SM Development Corp., the property unit of retail tycoon Henry Sy, said Wednesday it plans to raise as much as P6 billion in sales from a newly-launched condominium tower along Roxas Boulevard in Manila.
SM Development assistant vice president and program director Jan Chavez said the 38-story structure Breeze Residences would offer 2,133 residential units.
Chavez said SM Development would sell the units for P92,000 per square meter. This means a typical 27-square meter, one-bedroom unit will cost P2.48 million.
The company started pre-selling the project to core buyers late last year. The tower is already 25 percent sold.
SM Development hopes to sell all the units over the next three years. Construction of the tower has started, with the turnover of units to buyers slated by the last quarter of 2016.
Chavez said the project was attracting several start-up families working in the Manila area as well as migrant Filipino workers.