Residential property developer SM Development Corp. unveiled on Wednesday a P71-billion three-year expansion program and a top management change, as it affirmed its upbeat outlook on the affordable residential property segment of the sector.
SM Development Corp., the residential property arm of the SM group of tycoon Henry Sy, has expanded its land inventory with the acquisition of the prime property of local insurance firm Philippine American Life and General Insurance Co. along UN Ave. in Manila.
SM Development Corp. (SMDC) reported that, for the full year of 2012, its consolidated net income went up by 17.5 percent to P4.9 billion, realizing a net margin of 22.7 percent.
Residential property developer SM Development Corp. increased its net profit last year by 17.5 percent to P4.9 billion as real estate revenues expanded at a double-digit pace, the company announced Wednesday.
The family of tycoon Henry Sy Sr. is considering an external proposal to consolidate property-related businesses, including residential property arm SM Development Corp. and flagship shopping mall unit SM Prime Holdings, into a single publicly listed entity.
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.
The SM Group’s residential property arm, SM Development Corp., aims to sustain its growth momentum by expanding into medium-rise building development, increasing its nationwide footprint and making more inroads into overseas markets.
Tycoon Henry Sy-led SM Development Corp. posted a 5.7 percent year-on-year growth in January-September net profit to P3.3 billion as the property developer booked higher revenues from ongoing residential projects.
Residential property developer SM Development Corp. (SMDC) said it has sold 95 percent of the units in Sea Residences, a six-tower condominium development in the Mall of Asia complex.
Residential property developer SM Development Corp. grew its first-semester consolidated net income by 38 percent year on year to P2.7 billion on the back of a strong expansion in real estate revenues.
High-rise residential developer SM Development Corp. has acquired for P1.25 billion a prime property on EDSA corner Madison Street, currently occupied by pharmaceutical manufacturer Euro-Med Laboratories Phils. Inc.
The country’s biggest condominium builder, SM Development Corp., will launch five projects worth about P37 billion this year to address Metro Manila’s housing backlog, despite signs of glut in the real estate sector.
