THE three-tower residential project of SM Development Corp. (SMDC) in Quezon City is expected to turn in about P10 billion in sales to the Sy-controlled property firm.

                At the launch of the 40-story Grass Residences on Thursday, project director Ronaldo S. Araneta said that sales of the first tower has reached over 70 percent or about 1,200 units, with only nine months since preselling began in December 2007.

                He said 80 percent of sales came from startup families and professionals while 20-percent came from overseas workers.

                Construction of Tower 1, which sits on a 3.6-hectare lot behind SM City North Edsa, started last March. Tower 1 has a total of 1,870 units consisting of 1,558 one-bedroom units, 238 two-bedroom units and 74 three-bedroom units to be turned over in March 2011.

                “Tower 1 is now 18-percent complete. We used the MevaDec slab forming system for this building, a first for a developer in the Philippines. This is the same technology used to build the world’s tallest building, the Burj Dubai, in the United Arab Emirates,” said Araneta.

                Towers 2 and 3 will be turned over in 2012 and 2013, respectively. Combined the three towers have 5,300 units in all.

                Grass Residences, which has a development outlay of P6-billion excluding land cost, is the single biggest condominium complex development in the country, according to Araneta.

                “We are also the only developer in the country to have allotted 2.5 hec-tares of premium open space or 75 percent of the total land area for parks and playgrounds, unique landscape features swimming pools, a resort clubhouse, cabanas and a pavilion,” he said.

                Unit sizes range from 22 square meters (sq.m.) to 36 sq.m. for a one-bedroom unit, 46-62 sq m for a two-bedroom unit and 66 sq.m. to 69 sq.m. for a three-bedroom unit with an average price of P75,000 per sq m. Unit owners will have access to an exclusive bridgeway approximately 200-meter long from SM City North Edsa.

                SMDC is the middle-income residential development unit of the SM Group.

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SM property unit sees P10-M sales from QC development

THE three-tower residential project of SM Development Corp. (SMDC) in Quezon City is expected to turn in about P10 billion in sales to the Sy-controlled property firm.

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