SM Development Corp., one of the property arms of the Sy group, is eyeing to generate P2.3 billion in sales from its latest high-rise residential project in Quezon City.

Called Berkeley Residences, the 35-story condominium is located along Katipunan Avenue near Ateneo de Manila University and Miriam College. The P1.4-billion project, which consists of 1,063 units, is up for completion by 2010.

In an interview late Wednesday, SM Development president Rogelio Cabunag told reporters the Berkeley Residences is already 53-percent sold since its formal launch last November.

“Our target market includes small middle-income families and mainly students, since the project will have amenities like a library,” he said.

A one-bedroom unit of around 25 square meters (sq m) would cost P1.5 million, while a two-bedroom of around 40 sq m would sell at P3.5 million.

Cabunag said buyers were mostly local since overseas Filipinos were more interested in move-in ready units.

Apart from Berkeley, SM Development also launched in 2007 the Lindenwood Residences, a residential subdivision laid out on the treelined hills of Muntinlupa, and the Grass Residences, a three-tower condominium that will sit on a 3.6-hectare property near SM North Edsa. Grass will have a total of 5,390 units when completed, but its grounds will provide ample space for residents to enjoy its amenities.

This year, the company will launch two more condominium projects called Sea Residences and Field Residences.

Sea Residences is a 15-story, six-tower condominium that will rise on a 1.8-hectare property near SM Mall of Asia in Pasay City and will house less than 2,600 units. It will be developed in three phases, with the first phase scheduled for completion by 2010.

Field Residences, on the other hand, is a mid-rise project, consisting of six clusters. It will be built on a seven-hectare lot in Sucat, Parañaque City, and will offer a total of 1,700 units.

SM Development, whose shares are traded on the Philippine Stock Exchange, posted a net income of P1.2 billion in 2007, 24-percent higher than what it earned in 2006. Revenues also rose 91-percent driven by a dramatic increase in sales of real estate and the relatively steady interest and dividend income and unrealized mark to market gain.

SM Development Corp., one of the property arms of the Sy group, is eyeing to generate P2.3 billion in sales from its latest high-rise residential project in Quezon City.

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