SM DEVELOPMENT CORP. of the Sy mall and banking conglomerate was the top property developer in Metro Manila in the first half of the year.
In a disclosure on Tuesday, SM Development said it was "cited by Colliers International Philippines, a property research specialist, as the largest residential developer in Metro Manila for the period, both in terms of the number of units sold and the value of sales."
“From January to June of this year, SM Development was able to sell over 5,000 units, that is about a 26% share of the total sales in Metro Manila," Colliers said in the same statement.
"Success arises from good location, aggressive marketing, and competitive pricing strategy," it added.
Net income of SM Development ballooned by 24% growth to P1.3 billion in the first half due to strong take-up of new projects. Revenues in the first half jumped by 77% to P4.1 billion from P2.3 billion in the previous year.
"Moving forward, it is our goal and our mission to provide the best home for every Filipino, through improved lifestyles, an innovative approach to design and amenities, finding the best locations, even as we price them right,” said SM Development vice-chairman Henry Sy, Jr.
As of end-June, SM Development has 13 residential projects in the market. In May, SM Development borrowed P10 billion through corporate notes for its land banking activities.
Shares in SM Development, which was incorporated as Ayala Fund, Inc. in 1974 before the SM Group of Companies took majority ownership of the company in 1986, shed 10 centavos to close at P7 apiece on Tuesday.
For details on SM Residences, please contact Reby Ramirez @ +63 916.4044.555 / +63 922.883.9308 / +63 919.699.3572 or e-mail her at reby_ramirez@yahoo.com.
Source: Businessworld, 31 August 2010
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