San Miguel Properties to invest P7.7B in new high-end projects
San Miguel Properties Inc., the property arm of San Miguel Corp., is investing roughly P7.7 billion to put up three premier townhouse developments and two high-rise residential projects, reflecting the company’s bullish outlook on the Philippine real estate sector.
In a briefing following the company’s stockholders’ meeting on Wednesday, Jose V. Asuncion Jr., head of real estate development of San Miguel Properties, said some P5 billion will be earmarked for a 39-storey, three-tower development in Makati, and another P3.3 billion for multi-level condominium project in San Juan.
The three townhouse developments in Mandaluyong and Pasig are, meanwhile, estimated to cost roughly P400 million, he added. Each townhouse development will feature 20 to 23 units with floor areas approximately ranging from 150 to 200 square meters priced at about P8 million to P12 million per unit.
Karen Ramos, head of marketing of San Miguel Properties, noted that this was San Miguel’s first foray into townhouse development, adding that this was one way of expanding the company’s project portfolio. This, she added, would ensure the continuous growth of the company.
These projects are targeted for launching starting this year and are expected to be mostly completed within the next five years up to 2017.
San Miguel Properties also said it plans to sell down remaining inventory in its projects in General Trias, Cavite, namely its middle-income project Maravilla, upper-middle-income development Asian Leaf and affordable housing development Bel Adea.
“As we sell down the remaining inventory in Cavite, your company is getting ready to offer fresh inventory in response to the growing demand or near-city and city-center dwellings,” the company said in a statement issued Wednesday.
Currently, San Miguel Properties is constructing a 29-storey serviced apartment in the Greenbelt area in Makati, targeted for completion by 2014. Also in the final stages of its master plan is the development of a 125-hectare property for commercial, leisure and residential use in Alfonso, Cavite, to be named Roseto.
