SM Development Corporation (SMDC), the residential development arm of SM Prime Holdings Inc., is looking to generate around P22 billion in project sales from two of its newly launched residential projects in the Mall of Asia (MOA) Complex.
In a media briefing on Monday, SMDC Executive Vice President Jose Mari Banzon told reporters that the company expects to earn roughly P15 billion and P7 billion from its recently launched projects Shore Residences 3 and S Residences, respectively.
Shore Residences 3 is the final cluster of the 9-hectare Shore Residences project in the Mall of Asia Complex.
“Shore 3, in particular, boasts of a premier wharf-inspired amenity area complete with swimming pools, function rooms, lounge areas, outdoor gym circuit and lush gardens,” SMDC said.
The project will be a four-tower development and will offer around 5,000 residential units.
Banzon noted that reservations for the Third Shore project have been “very strong” considering that the project was launched just last October.
This is similar to the take-up rate of the previous Shore projects, namely Shore 1 and 2, which are also located in the Mall of Asia Complex in Pasay City, as both projects are already 90 and 70 percent sold, respectively, he said.
Banzon added that the entire Shore project offers around 15,000 units with projected sales at roughly P45 billion for the three projects.
Meanwhile, SMDC also recently launched the S Residences, also located in the Mall of Asia Complex.
The said project will offer around 2,000 units which will translate to around P7 billion in projected sales.
Banzon noted that the price points for the two residential projects range from P3 to 4 million per unit.
“With the success of our previous resort-inspired residential developments in the MOA Complex, we find that this is the perfect time to launch the modern and sleek S Residences, and Shore 3—the project that will complete the largest of our residential developments in Metro Manila,” Banzon said
Shore Residences 3 and S Residences are scheduled to be completed by January 2020 and August 2020, respectively.