SM Development Corp. (SMDC) said Friday it recorded a consolidated net profit of P1.2 billion in 2007, up 24.2 percent from that of 2006, driven by strong condominium sales.

Consolidated revenues reached P2.7 billion, up 91 percent year on year.

SMDC said total real estate sales for 2007 hit P3.7 billion while realized revenue grew three-fold or 317 percent to P1.9 billion.

The company said its ongoing projects as well as Chateau Elysee in Bicutan and Mezza Residences in Quezon City enjoyed robust take up last year.

French Mediterranean-inspired Chateau Elysee had sales of P763.1 million while Mezza Residences recorded P1.6 billion in sales.

SMDC launched three new projects last year namely Lindenwood in Muntinlupa, Berkeley and Grass Residences in Quezon City.