SMDC launches third tower in Taguig City

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SM Development Corp. (SMDC), the property arm of the Henry Sy-led conglomerate SM Investments Corp., has launched the third tower of its four-tower residential project in Taguig City called Grace Residences.

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Grace Residences occupies approximately 2.5 hectares of land along Cayetano Boulevard, near Circumferential Road 5 in Taguig City. The four-tower development will have approximately 3,500 units spread over a gross floor area of approximately 160,000 square meters, which will be constructed over three to five years.

For the third tower, one-bedroom units are available starting at P1.97 million per unit for the typical 22-square-meter unit.

“We are pleased with the very warm reception from buyers of the first two towers of Grace Residences. Hopefully, we will see more of the same for the next two towers of this project,” Jeffrey Lim, SMDC president, said.

In June, the property developer launched Grace Residences as its first foray in Taguig City.

Grace Residences’ 12-storey Tower A and 20-storey Tower B, were launched in November 2012, while Tower D, the fourth tower of the project, is planned to be launched at the middle of 2014.

Among the amenities at Grace Residences are swimming pools and pool deck areas, basketball court, children’s playground, meditation garden, as well as a retail area.

During the first half of this year, SMDC hardly increased its net income compared to the large gains it registered in the same period last year.

In the company’s financial statement posted on the Philippine Stock Exchange website, it was indicated that SMDC posted a year-on-year net profit of P2.8 billion versus the P2.7 billion earned in the same period last year.

Madelaine B. Miraflor

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