Amid an economic slowdown, SM Development Corp. (SMDC) remains bullish of its prospect
It has, in fact, mapped out an expansion plan in the second half of the year, revealing its strong confidence in the Philippine real estate market as well as its staunch commitment to provide Filipinos with residences well suited to the changing needs in this new normal era. And as it pushes through with its project launches, SMDC is, more importantly, helping stimulate the economy, providing the much needed jobs despite this health crisis.
“We will push through with our planned launches this year. The market has continued to show a strong appetite for our products, in spite of the economic downturn. We believe that we have a responsibility to help prevent the further decline of the economy and to protect jobs and incomes. To downscale at a time when the economy needs support would not only be damaging to the economy’s recovery but would also be disruptive of SMDC’s development schedule,” SMDC president Jose Mari H. Banzon said in an e-mail interview.
“We will be launching a number of projects in the last two quarters of the year in major CBDs (central business districts) in Metro Manila, which includes our home base in the Mall of Asia (MOA) complex and in the south of the metro. We are also moving in the eastern part of Metro Manila with a couple of high-rise projects, the first one of which we recently launched: Gem Residences in C-5, Pasig,” Banzon told the Inquirer.
Through its integrated lifestyle mall concept demand for SMDC projects has not waned even amid the pandemic.
Banzon further pointed out that based on their records, the demand for SMDC projects has not waned even amid the COVID-19 pandemic.
“Investors realize that hard assets like real estate are the soundest investments one can make. And we have shown that we have the right product. As such, we expect continued vibrant demand for our projects in the days immediately ahead. Price growth and sales volumes may have slowed down, but we are confident that the industry in general will remain stable,” Banzon explained.
“Globally the trend has shown property prices holding up. As soon as markets re-opened after the lockdowns, real estate players experienced pent-up demand, as shared by Jojo Romarx Salas, head of global research of Leading Real Estate Companies of the World (LeadingRE)… In the Philippines, we continue to see a strong demand from local and overseas Filipinos, mainly because shelter is at the top of Filipinos’ priority lists. It is the Filipino’s dream to own a home,” he added.
The proof, of course, is in the numbers. SMDC performed “surprisingly well,” according to Banzon, as they were meeting their pre-COVID-19 monthly targets. SMDC also continues to sell and enjoy market acceptance, as evident in its strong first quarter performance. Its second quarter records are likewise showing encouraging numbers.
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