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SM Development to spend at least P10B for new projects


Property firm SM Development Corp. is planning to spend up to P10 billion in building five new residential projects in Metro Manila, a company official said in a statement Friday. Jose Gabionza, SM Development vice president for finance, said these projects include the construction of additional towers in its existing developments near SM North in Quezon City and SM Sta. Mesa in Manila. The real estate firm will also construct residential condominium developments in Manila, Pasig City, and Quezon City, Gabionza added. Gabionza said that demand for housing units remains strong given the huge backlog in housing projects. "The demand is particularly strong in the middle-income and affordable housing segments, with unit cost ranging between P1.5 and P2.5 million and monthly amortization of between P10,000 and P20,000," he said. For 2011, SM Development is hoping to exceed the 10,000 residential units the property firm sold last year. — JE/OMG, GMANews.TV

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