SM DEVELOPMENT Corp. (SMDC) is expected to launch five new developments by the end of the year, as it bets on strong demand from young workforce and overseas Filipino workers (OFWs).
In a statement, SMDC President Jose Mari Banzon said there will be “no letup” in the company’s commitment to invest heavily in projects that address the needs of the market.
Despite the pandemic, he noted the real estate industry’s growth will continue to be driven by the current housing shortage and demand from young workers and OFWs.
“SMDC developed residential features designed to meet the multi-faceted needs of young Filipinos. The residential designs of our developments include powerful connectivity, shared working spaces, accommodating towards ride-sharing services and many features geared towards wellness, safety, and security — hallmark features of any modern living space,” he said.
Since the pandemic began last year, SMDC has launched ten projects located in central business districts such as Makati and the Mall of Asia (MOA) complex, and in growth centers around the country. These include a residential-office development known as ICE Tower, and SMDC JOY Residences, a garden community with four-floor residential buildings.
SMDC, which accounts for 60% of listed SM Prime Holdings, Inc.’s consolidated revenues, saw an 8% improvement in its operating income to P10.4 billion in the first half of 2021 from P9.7 billion a year ago.
Six-month revenues for SMDC jumped by three percent to P24.55 billion, as net reservation sales rose by 30% to P55.1 billion.
“Construction works on SM Prime’s new and latest residential projects remain ongoing while following safety protocols implemented by the National Government,” the listed company said in an August statement.