MANILA, Philippines – SM Prime Holdings, Inc. is eyeing to launch 7 residential projects this 2015, tagged with a total sales value of P42-billion ($936.41 million*).
The company plans to unveil 4 to 5 new condominium projects and two expansion phases that would offer 12,000 to 14,000 units, SM Prime chief finance officer Jeffrey Lim said.
The company is more aggressive with its project launches this year as it is sees continuous demand for affordable high-rise residential projects, Lim added.
“We see a lot of demand continuing. In December, we were able to book P4 billion ($89.16 million) in reservation sales,” Lim said.
Averaging a cost of P3 million ($66,866.52) per unit, total sales value of these projects could range from P36 billion ($802.40 million) to P42 billion ($936.41 million).
Last year, SM Prime, through its residential development unit SM Development Corp., (SMDC) launched two new residential projects and 3 expansion projects.
New ventures
Capital spending for (SMDC) for this year is set from P15 billion ($334.30 million) to P18 billion ($401.16 million).
The company is also planning to launch its first horizontal, more affordable housing development this 2015, primarily catering to the Overseas Filipino Workers.
The company is looking for a property to acquire either north or south of Metro Manila for its first horizontal project, Lim said.
“Our first horizontal project is not going to be significant in terms of total number of units but we would like to try that area,” Lim said.
SMDC also recently ventured in high-end residential development under SMDC Premier brand.
Its first project was Air Residences at Ayala Avenue Extension corner Yakal and Malugay Streets, Brgy. San Antonio, Makati City.
SM Prime is also looking to launch its first residential project in China within the year.
“We’re actually in the planning stage. We’re starting to talk to contractors to see if we are able to get all this done, hopefully by the first half of the year,” Lim said.
SM Prime has already 5 shopping malls in China, specifically in Xiamen, Suzhou, Jinjiang, Chongqing, and Chengdu.
Two more China malls are expected to open this year: SM Zibo and SM Tainjin. – Rappler.com
$1 = P44.85
There are no comments yet. Add your comment to start the conversation.