Tagaytay Splendio

SM Devt allots P3 billion for new condo project


SM Development Corporation (SMDC), the middle-income property developer of mall tycoon Henry Sy Sr., is spending at least P3 billion for its new residential condominium project in Pasay City.

SMDC's sixth residential project in Metro Manila, Sea Residences, will rise on a 1.8-hectare lot along Diokno Boulevard. It consists of six 15-storey towers offering a total of 2,580 units.

The project will be situated near SM Mall of Asia and the planned casino and entertainment city of state-run Philippine Amusement and Gaming Corp. by the Manila Bay.

"[This] makes it a good market for residential units," said SMDC president Rogelio Cabuñag.

Featuring a modern tropical Australian architecture, Sea Residences will have 2,188 one-bedroom and 392 two-bedroom units, of which 1,580 and 280 units, respectively, have a balcony.

According to SMDC assistant vice president Adelaida Cobres, project director of Sea Residences, the company expects sales from the first of the planned three phases of the project to reach P800 million this year.


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