Sea Residences 95% sold, SMDC says

Sea Residences at MOA complex

MANILA, Philippines—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.

SMDC stated in a press statement on Monday that the units sold in Sea Residences, which sits on a 1.8-hectare property in the Mall of Asia complex, numbered 2,752.

Construction of Sea Residences began in late 2008 and the final units will be turned over to buyers in the third quarter of 2012, which SMDC said was an indication of its “speed-to-market.”

“The strong sales of Sea Residences have been reflected in rising property values,” SMDC said, noting that from an average pre-selling price at launch of P85,000 per square meter, the current value per square meter at  Sea Residences now  stood at P117,000.

Sea Residences is composed of six 15-story buildings built around a central courtyard with three adult swimming pools, toddlers’ pools, and kiddie pools. The Sea Residences also features a multi-purpose room and lobbies.

SMDC has 11 ongoing projects in various locations in Metro Manila, which the company said have “attracted a strong market following due to their quality, affordability and location, and also because of the various amenities that enhance the quality of residents’ lives.”

The property firm said it’s due to launch another three to five projects within the year.

SMDC 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. Six-month revenues from real estate rose by 73.6 percent to P11.9 billion from the same period last year while net income from real estate went up by 31.8 percent to P2.51 billion over the same period.