MARILAO, Bulacan: Property developer SM Development Corp. (SMDC) is expecting to generate P2.5 billion in sales from SM Cheer Residences, its newest residential project slated to rise here.
“We are projecting a total sales value of P2.5 billion,” SMDC Assistant Vice President for Project Development Riz Fernando told a news conference.
Cheer Residences is a five-story residential tower launched in November last year.
It will rise on a 23,000 square meter (sqm) site beside SM Marilao and along McArthur Highway—in between the Marilao and Meycauayan exits of the North Luzon Expressway where the proposed Philippine National Railways station that will connect Bulacan to Tutuban Center will be located.
SMDC said it will build seven buildings comprising a total of 995 flexible and expandable units and 221 parking slots. It will be the company’s first medium-rise project so far.
The selling price is at P60,000 per sqm or an average of P2.6 million per unit. A typical size of 28.52 sqm will account for 90 percent of the total number of units.
The monthly amortization for pre-selling, meanwhile, is at P7,000. Once constructed, prices will appreciate to an average of P20,000 per month.
“Most of our buyers, in terms of profile, are from Marilao, [they are]upgraders. But others, they want the exclusivity of being in a complex with the mall—the home beside the mall concept,” Fernando said.
“We’re projecting to sell out perhaps by 2019 hopefully, if we continue the rate, because we are already 35 percent [sold]and we just … launched November last year. So as of now, we’re more than one-third sold already so if we continue at the rate we’re going, hopefully by 2019 we’ll be sold out by then,” she added.
Target turnover to homebuyers is in August 2020.
“We’ll turn over all the units simultaneously because we’re constructing at the same time. Construction is fast,” Fernando said.
Similar to SMDC’s condominium projects, Cheer Residences will also feature a main gate and guardhouse, a water feature upon entry, a clubhouse, function area for parties and events, swimming pool, central park, and a kids’ play area.
SMDC is the property arm of magnate Henry Sy under conglomerate SM Investments Corp.