SMDC reports strong sales of Sea Residences

Posted at 10/22/12 3:26 PM

MANILA, Philippines - SM Development Corp. has sold 95% of its Sea Residences units as of June, the property developer said in a statement on Monday.

The final units of the Sea Residences would be turned over to clients in the third quarter of next year, SMDC said.

"The strong sales of Sea Residences have been reflected in rising property values," the property firm noted.

"From an average pre-selling price at launch of P85,000 per sq.m, the current value per sq.m... now  stands at  P117,000."

Construction of the Sea Residences, which is situated inside the Mall of Asia complex in Pasay City, began in late 2008.

SMDC has 11 ongoing projects in Metro Manila and plans to launch another three to five projects before the year ends.