(23 December 2016. Pasay City, Philippines. SM Development Corporation (SMDC) is set to bring attainable luxury living, this time more aggressively in the provinces as it expands its product offering to include economic housing.
With the government reviving development in the regions, SMDC, the housing arm of SM Prime Holdings Inc. is aligning to help narrow the huge gap in the Philippine housing sector with a reported backlog of over 5.5 million today according to the Housing and Urban Development Coordinating Council (HUDCC).
“We would like to offer the cosmopolitan lifestyle to as many Filipinos to allow them to live in lifestyle districts anchored on the synergies of SM’s property developments,” SMDC Executive Vice President Jose Mari Banzon said.
SMDC is expected to launch its first economic housing project in Central Luzon in 2017. This gated development will offer house and lots, well-appointed amenities, an a commercial development right beside it.
To help address the gap, SMDC is also focusing on building medium rise buildings (MRBs) outside Metro Manila. These planned MRB developments are mostly located in SM’s mall complexes that give residents the utmost convenience with a supermarket, department store and other dining and entertainment venues next door.
“The key is to make our offerings as affordable as possible and at the same time, give our residents luxury-like living in all our developments,” Mr. Banzon said.
Last October, SMDC launched Vine Residences, located within the complex of SM City Novaliches. The condominium project has a central park with sunken gardens, swimming pools, a Nature’s Park and a camp site.
This fourth quarter, SMDC launched its very first MRB project outside of Metro Manila, Cheer Residences within the SM City Marilao complex in Bulacan.
SMDC’s condominiums offer access to lifestyle centers anchored on SM’s malls that tap into the group’s heritage in retail, and also provide access to offices, meeting and entertainment venues.
“The market remains huge especially in the affordable segment. SMDC’s main strength is its ability to make good its promise to deliver homes in prime locations,” Mr. Banzon said.
Over the last 10 years, SMDC has emerged as a leading residential condominium developer, known to deliver residential projects in prime locations with five-star amenities.
Prior to the aggressive entry of SMDC into the housing market in 2007, Mr. Henry Sy, Jr., the eldest son of businessman Henry Sy, had a vision to make housing more affordable for Filipinos without sacrificing quality. This gave birth to SMDC’s aggressive move into vertical housing development. In just 10 years, SMDC was able to launch a total of 28 projects, and has sold more than 83,000 units.
As the economy drew more strength in the last ten years largely from a vibrant business process outsourcing (BPO) sector and rising overseas remittances, SMDC saw the huge opportunity to cater to emerging and young middle class who aspires for a better life, and is equipped with increased spending power.
Today, it delivers on that promise and is bent on sharing this same expertise to regional communities in keeping with the vision of SM Prime Holdings Chairman Henry Sy, Jr. for every Filipino to take pride in their home, especially with its prime location, integration to a commercial development, its hotel-like lobbies, resort-styled amenities, and exceptional property management services.