MANILA, Philippines—Presidential property developer SM Development Corp. reported that its second project in the Mall of Asia complex, the 3,093-unit Shell Residences, was 87 percent sold as of end-2012.
Shell Residences, launched in late 2011, was a follow-up to SMDC’s Sea Residences development. Construction of this new project began in May last year and completion is set for late 2015.
Rising on a 2.2-hectare property, Shell Residences is a mid-rise condominium development that offers a resort-style living experience within the metropolis. Its four 16-story buildings will be built around an expansive, Boracay-inspired pool area with a gazebo, cabanas, sunbathing chairs and lush tropical gardens.
Aside from offering a view of the famous Manila Bay sunset and proximity to the Mall of Asia, Shell Residences will also feature luxurious grand lobbies, a clubhouse, function rooms, a children’s playground, and a jogging trail.
The project offers one-bedroom units, with or without balcony, as well as two-bedroom units with balcony. Unit sizes range from 25.6 square meters to 98.5 sqm. From an average selling price at launch of around P92,000 per sqm, SMDC said property values have risen, with current selling prices ranging between P2.8 million and P14.6 million per unit.
SMDC is the residential property arm of tycoon Henry Sy’s flagship conglomerate SM Investments Corp.