MANILA - The residential property arm of mall magnate Henry Sy reported a significant growth in profits for the first 9 months of the year on the back of strong real estate sales and the recovery of financial markets.

In a disclosure to the local bourse, SM Development Corp. (SMDC) said its consolidated net income from January to September skyrocketed by 5,900% to P1.4 billion from last year's P23 million.

Net income from real estate operations reached P1.1 billion during the 9-month period, 83% higher than the P607 million recorded in the same period last year. SMDC said this was driven mainly by higher revenues from real estate sales, which jumped 30% to P3.7 billion.

For the same period, SMDC said its reservation sales doubled to 3,708 units.

"With these positive developments, we remain bullish in our business operations this year," SMDC President Roger Cabunag said.

At present, SMDC is working on several projects such as 6-cluster mid-rise condominium Chateau Elysee in Paranaque City, Berkeley Residences in Katipunan Road, and Grass Residences beside SM City North EDSA.

Other projects slated for launching this year are Princeton Residences and Sun Residences in Quezon City, Jazz Residences in Makati City, Light Residences in Mandaluyong City, and Wind Residences in Tagaytay City.