SMDC tops residential developer in first half
September 2, 2010, 12:53am
SM Development Corporation (SMDC) was cited by Colliers International Philippines, a property research specialist, as the largest residential developer in Metro Manila for the first half of 2010, both in terms of the number of units sold and the value of sales. The performance of SMDC was compared with those of nearly 80 other developers competing in Metro Manila.
With a market share of 18 percent, SMDC sold P11.3 billion worth of condominium units during the period, surpassing its full-year real estate sales in 2009.
According to Colliers, “From January to June of this year, SMDC was able to sell over 5,000 units, that is about a 26% share of the total sales in Metro Manila. It has even surpassed the company’s full year 2009 sales of 4,700 units. Success arises from good location, aggressive marketing, and competitive pricing strategy. In addition to its current inventory, SMDC plans to launch this year My Place, Blue Residences, and Green Residences.”
For the first half of 2010, SMDC reported that its sales surged 210 percent.
There was a strong market take up of new SM Residences launched late last year, which includes Princeton, Light, Jazz, Sun, and Wind.
SMDC Vice Chairman Henry Sy, Jr. said, “We thank Colliers for this citation – a very encouraging development especially since SMDC is one of the new players in the business. Moving forward, it is our goal and our mission to provide the best home for every Filipino, through improved lifestyles, an innovative approach to design and amenities, finding the best locations, even as we price them right.”
As of the first half of 2010, SMDC has 13 residential projects in the market.
In June this year, the company launched My Place South Triangle in the Panay Avenue – Mother Ignacia area of Quezon City. It is SMDC’s initial project under its new My Place brand. This pioneering business model aims to tap a younger market, composed mostly of upwardly mobile young adults who want to experience independent living. Together with the company’s SM Residences brand, My Place is expected to further strengthen SMDC’s product offerings.
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