SM unveils luxury property unit, sets P100-M entry level for residential lots
According to SM executive vice president and Signature Series Group head Jose Juan Jugo, the new corporate entity will be tasked to develop some 400 hectares of landbank of the SM Group across the country.
'It's a different company, a different market altogether, right, so we want to make sure that the thinking behind the development of the products is also something that's taken with a fresh insight,' he told reporters in a briefing in Makati.
'We thought it best to create a separate organization to be able to maximize the insights we can get from the outside, so we got people with experience in high-end development,' he added.
Jugo said the company is looking to tap new and existing clients of SM Development Corp. (SMDC), that targets the middle-income market, who are looking to expand and have bigger needs.
'Really, the challenge we've had really, is that this gigantic market we've been part of creating, SMDC, they will not be in the market forever. They will eventually have bigger families that will have more disposable income, they will have an upgrade in requirements, but we have not been able to address those needs as they want. They have to go elsewhere,' he said.
'We want to be there for them, continue serving them when their needs evolve, bigger wealth, bigger families with floor space requirements. We want to be there when that time comes for them,' he added.
Real estate consultants have earlier said that the high-end property market has so far been shielded from the real estate slump in Metro Manila.
The Signature Series will have a range of residential products — entry-level premium at P15 million designed for property upgraders, young executives, and starter families; upscale at P25 million for established professionals and affluent families; and luxury and ultra-luxury at P65 million and above for high-net-worth individuals and legacy families.
The pilot luxury project will be in Susana Heights in Muntinlupa City, which the company is looking to sell at an entry level of P100 million for residential lots that will be at least 700 to 750 square meters.
'We had a choice to do small cuts for this property, but why would you do that if you can maximize that to something very meaningful and impactful to create a really special project,' Jugo said.
He did not give a definitive timeline for the project but said it will be launched 'soon,' and that residential projects historically take three to four years to develop before they are turned over.
Aside from the Susana Heights development, Jugo said the company is already forging a strategic partnership with another firm for a vertical development in Makati City. It is also looking to develop properties in Batangas, Cavite, Cebu, Manila, Parañaque, Pasig, Tagaytay, Taguig.
'One very promising aspect in the organization is the raw material is there, the land is there, nationwide. It's just a matter of us selecting the best properties available in our portfolio to develop into high-end primary residential communities. The opportunities are immense,' he said.—AOL, GMA Integrated News
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