• SMDC eyes P18 billion for new projects, expansion

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    SM Development Corp. (SMDC), the property arm of the Henry Sy-led SM Group, will spend up to P18 billion in 2014 as it plans to build four new developments as well as expand some of its existing projects.

    SMDC President Jeffrey Lim said in an interview with reporters on Wednesday night that SMDC will launch four new projects in Metro Manila next year, which will bring the total number of its units to 11,000 from the 10,000 units it will have toward the end of this year.

    “We are looking at expanding some of the existing locations,” Lim added, specifying that SMDC may only expand one or two of its projects.

    “SMDC developments are all in Metro Manila and in prime locations. So we are seeing continuous demand for the projects that we have been doing that’s why we are positive and we will continue to launch new projects,” he further said.

    Lim specified that the P15-billion to P18-billion capital expenditure it will have next year will include acquisition of additional properties.

    Two weeks ago, SMDC launched the next phase of Grass Residences, a five-hectare condominium complex in Quezon City.

    Phase two of Grass Residences, which will have sales value of approximately P10 billion, involves the development of the fourth and fifth tower of the five-tower Grass Residences.

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