SM Development Corp. (SMDC) launched on Wednesday Tower 3 of Garden Residences that would cater to startup families, younger professionals, and foreign investors in search of affordable condominium units in the Bonifacio Global City (BGC) area.
“Initially our market is affordable to mid. With Grace [Residences], we would want our customers to experience the gardens and nature even though you’re living in a vertical condominium,” said Roncel Nebre, SMDC assistant vice president.
“According to our conducted study, there are professionals who would want to live in BGC but cannot afford to do so,” he added.
The newly launched Tower 3 is the center of four towers that offer a total of 1,134 units. Construction of the 20-story residential building will start in May and full turnover is expected in 2017. Tower 3 is 30-percent sold out.
Though still undergoing construction, the units in Towers 1 and 2 have been sold out, which Nebre attributed to increased demand for residential units in the country.
Tower 4 is set for launching in July, with construction projected to start in May. Turnover has been set for 2018.
Nebre said total construction cost for the four towers is estimated at P3.2 billion. SMDC has realized revenues of roughly P3.1 billion from the sales of the units in Towers 1, 2 and 3.