SM Development Corp., the residential unit of property developer SM Prime Holdings Inc., said Thursday it expects to generate P6 billion in sales from the four-tower residential condominium project along Alabang-Zapote Road in Las Piñas City.
SMDC assistant vice president for project development Therese Sonsing-Fernando said in a news briefing the four-tower residential project called South Residences would have a total of 2,010 units, of which 60 percent were sold.
The units, comprising of one-bedroom and two-bedroom units, are being sold at an average price of P111,000 per square meter, or for P2.5 million to P3.8 million per unit.
Fernando said South Residences would be a part of an integrated lifestyle complex including the SM Southmall, two mid-rise office towers catering to the business process outsourcing companies and a 200,000 sqm. commercial space for retail, food and beverage establishments.
Fernando said the first two residential towers are ready for turnover the residential by first quarter 2018 while the last two towers were slated for completion by the second quarter of 2019.
Fernando said the completion of two BPO office buildings by end-2017 boosted sales of South Residences, providing potential buyers an option to lease out their units to BPO employees to generate rental income.
The BPO office buildings are expected to generate 3,000 to 4,000 jobs.
The property firm said buyers who would want to rent out their units may do so at monthly rates of P15,000 to P25,000, which could be sufficient to cover the monthly amortization for their units.
“We have been selling 50 units a month for this project. We hope to sell all the remaining units by next year,” Fernando said.
He said given the strong takeup of the project, the company was now studying plans to build three to four more residential towers within the SM Southmall integrated lifestyle district.
Fernando said the company also planned to develop more residential projects within SM group’s integrated lifestyle complex.
“Our future developments, particularly in areas outside Metro Manila will be situated near SM malls and BPO buildings,” Fernando said.