SM unit allots P3.2B for condo project
By Elizabeth Sanchez-Lacson, 2 Dec 2008
Source: Philippine Daily Inquirer

SM Development Corp., the middle-income residential development arm of mall magnate Henry Sy, has allotted P3.2 billion for completion of its 7.8-hectare Field Residences condominium project in the Sucat Road area of Parañaque City, its president said.

It is also set to launch two completely new projects in the first quarter of 2009 and turn over the first phase or the first two buildings of Mezza Residences in Sta. Mesa, Manila, its first residential condominium, during the same period, company president Roger Cabuñag said.

He said the company’s capital expenditures would slightly increase next year as construction of six ongoing projects continues and the two new projects—Princeton Residences that will rise beside the Gilmore Station of the overhead Light Rail Transit’s Line 2 along Aurora Boulevard in Quezon City, and Tree Residences in Cainta town—break ground.

Gilbert Ang, SM Development assistant vice president and project director of Field Residences, said the Sucat project, a 10-building residential condominium complex just behind the SM City Sucat shopping mall, would have a total of 2,800 units upon completion by 2013.

The project is SM Development’s second “condominium village” in Parañaque after the company introduced the concept of a resort-type community composed of mid-rise condominium clusters with Chateau Elysée.

Ang said Field Residences was also the company’s biggest residential development in terms of land area as it features a 1.5-hectare open play field complete with nine swimming pools and various sports and recreational facilities.

Field Residences will have eight- to 12-level buildings with each offering an estimated 300 units at a price range of P1.2 million to P3.5 million. The project will make available one- and two-bedroom units.

Reflecting the brisk sales performance of SMDC for its ongoing condominium projects for the first nine months of the year, Ang confirmed that the company had received sales reservations for Field Residences even before it could start constructing its first building.

“We already received reservations for 70 percent of the total units,” said Ang, who said he expected to get a license to sell for the project this month or in January.

Ang explained that 90 percent of the company’s sales came from the local middle-income market. He noted that those who reserved units in Field Residences have also bought into the previous projects of SM Development, particularly Chateau Elysée.
 
SMDC allots P3.2B for Field Residences
By Zinnia B. Dela Peña, 1 Dec 2008
Source: Phil Star

SM Development Corp. (SMDC), the premium middle-income housing unit of the SM Group, is spending P3.2 billion for the completion of Field Residences in Sucat, Parañaque – its sixth vertical development and its last project for the year.

Sitting on a 7.8-hectare lot behind SM Sucat, Field Residences will comprise 10 mid-rise residential condominium buildings, offering a total of 2,800 units.  Slated for completion in 2013, the project will have eight to 12-level buildings with each offering an estimated 300 units at a price ranging from P1.2 million to P3.5 million.

Gilbert Ang, assistant vice-president of SMDC, said Field Residences is by far the company’s biggest residential development in terms of land area.

Designed as a lush modern tropical haven, Field Residences will feature three 25-meter lap pools, three wading pools and three children’s pools; a clubhouse; a children’s playground; basketball, volleyball and badminton courts; a jogging trail and a bike lane; a picnic area; and themed gardens.

Ang said the company has already received sales reservations for Field Residences even before construction of the first building began.

The first building will have 10 stories with 276 units, which will be ready for moving in by December 2009.

Unfazed by the ongoing global economic downturn, SMDC remains in investment mode as it plans to spend more next year to complete the construction of six ongoing projects and launch two new ones – Princeton Residences along Aurora Boulevard in Quezon City and Tree Residences in Cainta, Rizal.

Among its ongoing projects are Chateau Elysee in Bicutan, Parañaque; Mezza Residences across SM Sta. Mesa; Berkeley Residences along Katipunan Ave.; Grass Residences beside SM City North Edsa and Sea Residences at the Mall of Asia complex in Pasay City.

Ang said sales of the company have been robust on strong demand from the middle-income segment. “We now have repeat buyers who not only consider affordability and high quality in our products, but also because they get more than what they usually expect from us,” said Ang.

Grass Residences and Berkeley Residences have so far sold approximately 80 percent of their inventory. Lot owners are now starting to build their homes at Lindenwood Residences, which unveiled its clubhouse less than two weeks ago.
 
SMDC earmarks P3.2 B more for Sucat condo
By James A. Loyola, 30 Nov 2008
Source: Manila Bulletin

SM Development Corporation (SMDC), the middle-income residential development unit of the SM Group, is spending P3.2 billion for the completion of its sixth vertical development, the 7.8-hectare Field Residences in Sucat, Parañaque City.

The development will be the last for this year, completing the "committed target" of the company for 2008, said SMDC president Roger Cabuñag.

Cabuñag added that SMDC will launch two completely new projects within the first quarter of 2009 and turn over the first phase or the first two buildings of Mezza Residences in Sta. Mesa, its first high-rise residential development, during the same period.

He said the company’s capital expenditures will slightly increase next year as construction of six ongoing projects continues and the introduction of the two new projects, namely, Princeton Residences that will rise beside Gilmore Station of LRT Line 2 line along Aurora Boulevard in Quezon City and Tree Residences in Cainta, Rizal.

SMDC assistant vice president and project director of Field Residences Gilbert Ang said that Field Residences, a 10-building residential condominium complex just behind the SM City Sucat shopping mall, will have a total of 2,800 units once full development is completed in 2013.

The project is SMDC’s second "condominium village" in Parañaque City after the company introduced the concept of a resort-type community composed of mid-rise condominium clusters with Chateau Elysée.

Ang said Field Residences is also the company’s biggest residential development in terms of land area as it features a 1.5-hectare open play field complete with nine swimming pools and various sports and recreational facilities.
Planned for completion in three phases, the first phase of Field Residences involves the construction of a clubhouse and three residential buildings with a combined offering of roughly 900 units.

The first building with a development cost of P300 million will have 10 stories with 276 units, which will be ready for moving in by December 2009.

"We already received reservations for 70 percent of the total units," said Ang, who expects the license to sell for the project this December or in January next year.

Continued high market demand for high-quality real estate products, affordable prices over flexible payment terms and assurance of on-time and fast turnover of the developments contributed to SMDC’s robust sales performance, said Ang.