SM Development Corp, the residential unit of property developer SM Prime Holdings Inc., allocated P16.7 billion for 2017 capital expenditures as it plans to launch new projects this year.
SM Prime said in an investor kit posted on its website SMDC would launch 11,000 to 15,000 residential units this year.
The projects, based on the average selling price of P3 million per unit, will have total sales value of P33 billion to P45 billion.
SMDC plans to expand its portfolio of residential projects to include house and lot developments. Most of its current projects are high-rise buildings that cater to middle-income market.
Scheduled for launching this year is SMDC’s first house and lot development in Central Luzon.
SMDC did not disclose the exact location of the project, but said the gated development would offer house and lots, well-appointed amenities and a commercial development right beside it.
SMDC executive vice president Jose Mari Banzon earlier said the company expected 50 percent of its revenues and launches to come from house and lot and mid-rise developments and the remaining 50 percent from high-rise condominiums over the next couple of years.
The condominium builder also ventured into developing medium-rise buildings outside Metro Manila
It launched Vine Residences at SM City Novaliches complex in October. The condominium project has a central park with sunken gardens, swimming pools a Nature’s Park and a camp site.
It also launched its first MRB project, Cheer Residences, within the SM City Marilao complex in Bulacan.
These planned MRB developments are mostly located in SM’s mall complexes that give residents the utmost convenience with a supermarket, department store and other dining and entertainment venues next door.