SMDC to venture into affordable housing

MANILA, Philippines – SM Development Corporation (SMDC), the residential unit of property giant SM Prime Holdings Incorporated, is expanding its product offering by venturing into affordable housing and medium-rise buildings (MRBs).

SMDC said in a statement that it will launch its first affordable housing project in Central Luzon by next year.

While the company did not disclose the exact location of the project, SMDC said this gated development will offer house and lots, well-appointed amenities, and a commercial development right beside it.

“We would like to offer the cosmopolitan lifestyle to as many Filipinos to allow them to live in lifestyle districts anchored on the synergies of SM’s property developments,” SMDC executive vice president Jose Mari Banzon said.

The condominium builder also recently ventured into developing MRBs in areas outside Metro Manila. (READ: SM to renovate 100 cinemas in 2017)

Last October, it launched Vine Residences, located within the complex of SM City Novaliches. The condominium project has a central park with sunken gardens, swimming pools, a Nature’s Park, and a camp site.

Then this 4th quarter, SMDC launched its first MRB project outside Metro Manila, Cheer Residences, which is located within the SM City Marilao complex in Bulacan.

The planned MRBs, mostly located in SM’€™s mall complexes, will have a supermarket, department store, and dining and entertainment venues next door.

“The key is to make our offerings as affordable as possible and at the same time, give our residents luxury-like living in all our developments,” Banzon said.

“The market remains huge especially in the affordable segment. SMDC’s main strength is its ability to make good its promise to deliver homes in prime locations,” he added.

Over the last 10 years, the company has emerged as a leading residential condominium developer.

To date, SMDC has been able to launch 28 projects, and has sold more than 83,000 units. – Rappler.com