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SM Development Corp. (SMDC) expects billions of pesos in sales from
its three-tower residential condominium project in Quezon City.
On the sidelines of the formal launching of
Grass Residences, Ronaldo Araneta, SMDC project director, said the
company expects sales of P3.5 billion a tower or a total of P10.5
billion.
The Grass Residences project has three 40-storey
residential condominiums. At a cost of P6 billion excluding land
cost, it is the single biggest condominium complex development in
the country, SMDC said.
Construction of Tower 1, which sits on a
3.6-hectare lot behind SM City North, began in March this year.
Tower 1 has a total of 1,870 units consisting of
1,558 one-bedroom units, 238 two-bedroom units and 74 three-bedroom
units to be turned over in March 2011.
“Tower 1 is now 18-percent complete using the
MevaDec system, a first for a developer in the Philippines. This is
the same technology used to build the world’s tallest building,
Burj Dubai, in the United Arab Emirates,” Araneta said.
He said more than 70 percent or about 1,200
units has been sold amounting to P2 billion in a span of nine months
since pre-selling began in December last year.
Towers 2 and 3 will be turned over in 2012 and
2013, respectively. The three towers have a combined 5,300 units.
-- Darwin G. Amojelar
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