DAVAO CITY — SM Development Corp. (SMDC), the real property arm of the Henry Sy group, has started preparations for the construction of its first condominium project in the city.
Clarinda Luna-Magtulis, SMDC vice-president for marketing, said they are planning to build a residential complex of about 3,700 units, designed similar to their other “communities that are self-contained.” The project will be located within the 10-hectare SM Lanang Premier development.
“People here know city living but without losing the touch of being more relaxed,” Ms. Magtulis told BusinessWorld in an interview after the launching of their showroom last week.
Based on SMDC’s experience from other residential projects, Ms. Magtulis said the developments are usually taken up in three years. “By that time, the units are turned over to their owners immediately,” she added.
Aside from the local market, SMDC is also banking on its clientele from its Metro Manila developments since “these people might be the first to buy in this project,” Ms. Magtulis said.
SMDC, which also has a horizontal project in Pampanga and a condominium project in Bulacan, is already planning to venture in other parts of the country, including Mindanao.
“We have definite plans for other areas, but we are just waiting for the right time,” said Ms. Magtulis.
She added the company will also gauge the Mindanao market based on the reception towards the Davao project, which would mainly target middle-income buyers who are either end-users or investment purchasers.
Ms. Magtulis said when the company was just starting 12 years ago, most of the buyers were end-users, but the ratio has now become 50:50 with those who purchase for an investment.
SMDC has so far built about 30 projects and sold about 85,000 units, of which 50,000 have been turned over to the buyers. — Carmelito Q. Francisco