SM Development posts brisk sales; builds new cluster in Chateau Elysee

(17 November 2008) Listed SM Development Corp. (SMDC), the premium middle-income residential development unit of the SM Group, has sold at least 70 percent of the 504-unit Ritz, the fourth of the planned six clusters of mid-rise condominium buildings completed at Chateau Elysée in Parañaque City.

Continued high market demand for high-quality real estate products, affordable prices over flexible payment terms and assurance of on-time and fast turnover contributed to the company's robust sales performance, said Gilbert C. Ang, SMDC assistant vice president and project director of Chateau Elysée.

In ceremonies last November 17, 2008, SMDC delivered Ritz units to over 300 buyers, mostly starting families, overseas-based Filipino workers and their families and foreign expatriates. Completed in a year after groundbreaking, Ritz consists of four seven-level buildings offering 125 units each at prices ranging from P1 million to P3 million.

Construction of the new cluster, called "Vendome", has started at a development cost of P350 million. The biggest among the condominium clusters in the entire Chateau Elysée project, the seven-level condominium buildings of Vendome will make available 560 more residential units or 140 units per building upon turnover in November 2009.

Vendome will offer a mix of one- and two-bedroom units with a floor area of 24 to 48 square meters, respectively. The units will cost P1.2 million to P3.5 million.

Plans for the last cluster called "Seine" are also being firmed up. Target start of construction is within second quarter of 2009 and completion in November 2010.

Each unit of Chateau Elysée comes completely finished upon turnover. Besides the above-industry standard ceiling height of three meters, painted walls and ceramic-tiled floors, picture windows with 2.1-meter height, modular kitchen cabinet with granite countertop, the unit is now equipped with a two-burner electric range with range hood.

Each cluster, on the other hand, has a five-meter hallway at the main lobby, 1.8-meter wide corridors, two scenic high-speed elevators, backup generators for common areas and lower ground-level parking.

Chateau Elysée, a P2.2-billion French-Mediterranean themed "condominium village" and the maiden residential offering of SMDC, sits on a 4.8-hectare property close to SM's mall in Bicutan. Its inventory from the first three completed clusters, namely, Lafayette, Concorde and Eiffel, has been fully sold. The entire project will have a total of 2,696 units within 24 mid-rise buildings upon completion.

"From the remarkable acceptance of our projects, especially Chateau Elysée, SMDC has turned into a full-fledged residential property developer that continues to gain the trust and confidence of the middle-income market for five-star quality homes made more affordable to more Filipinos," said Rogelio R. Cabuñag, SMDC president and chief operating officer.

In a report to the Philippine Stock Exchange (PSE) for the first nine months of the year, SMDC's realized revenues from real estate operations surged 122 percent to P2.9 billion on the back of stronger sales and the substantial completion of Mezza Residences and cluster six of Chateau Elysée.

Chateau Elysée offers 70 percent of its total land area for landscaped gardens and amenities such as a two-storey clubhouse, a 25-meter lap pool, two wading pools, jogging trail, a gym, tennis and basketball courts, play area and a social hall. It is five minutes away from SM City Bicutan and 15 minutes away from both the Ninoy Aquino International Airport and Makati Central Business District.

The project also offers basic necessities and premium conveniences for the residents, including a 24-hour convenience store and laundry, chambermaid and handyman services. It has appointed CB Richard Ellis for property management services.

To date, SMDC has five other ongoing residential condominium projects, namely, Mezza Residences, Grass Residences and Berkeley Residences, all located within Quezon City, and the newly launched Sea Residences at the Mall of Asia Complex in Pasay City, and one residential subdivision, Lindenwood Residences in Susana Heights, Muntinlupa City.

SMDC will break ground next week for the 7.8-hectare Field Residences located right behind SM City Sucat, its seventh vertical residential condominium project and second development to be built in Parañaque City. Target completion of the residential complex of 10 buildings with eight to 12 levels is in 2013.

The project is the company's biggest residential condominium project in terms of land area, which features a 1.5-hectare open play field, pools, sports and recreational facilities.

SMDC plans to launch two new residential condominium projects by yearend: Princeton Residences beside Gilmore Station of LRT-2 line along Aurora Boulevard in Quezon City and Tree Residences in Cainta, Rizal. Also in the pipeline is Wind Residences in Tagaytay City.