Another high rise condominium launched in QC

November 27, 2009 2:53 pm 

MANILA, Nov. 27 –- Another high rise condominium was formally launched on Friday in Quezon City by a business tycoon.

The residential property is a project of mall magnate Henry Sy. It is called Princeton Residences, the latest project of SM Development Corp. (SMDC) located in a school zone along Aurora Boulevard corner Araneta Avenue, Sta. Mesa, Quezon City.

SMDC officials said the condominium was built to provide residence to students and professionals who wants to be near their schools and work places in the area.

Other residential projects of SMDC in Quezon City include the Mezza Residences, Berkeley Residences, and Grass Residences.

"As with our other projects, the Princeton Residences offer 5-star homes in a prime location, but at affordable prices," SMDC President Roger Cabunag said in a statement to the Philippines News Agency (PNA).

The Princeton Residences project will sit on approximately 2,403 square meters (sq.m.) of land, with the condominium building occupying some 1,354 sq.m. It will have 41 floors, with about 1,095 units up for sale.

SMDC's planned amenities for the Princeton Residences include a grand main lobby, lobby lounge, function room, three swimming pools, a poolside cabana, children's play area, and a roofdeck clubhouse, among others.

Meanwhile, SMDC said it will launch four more residential condominium projects within the year.

For the first nine months of the 2009, SMDC's consolidated net income skyrocketed by 5,900 per cent to P 1.4-billion from last year's P23-million. The company attributed the huge rise in profits to stronger real estate sales and the recovery of financial markets.

SMDC’s other projects are Chateau Elysee in Paranaque City, Mezza Residences near Princeton Residences across SM City Sta. Mesa, the Berkeley Residences along Katipunan Avenue in Quezon City, the Grass Residences beside SM City North EDSA which is also in Quezon City.

The Field Residences in Parañaque City, the Sea Residences near the Mall of Asia Complex in Pasay City, and the residential subdivision Lindenwood Residences in Muntinlupa City.

The company will also be launching four more residential condominium projects within the year.

In a related development, SM Prime Holdings, Inc. (SM Prime), the Philippines’ largest shopping mall developer and operator, realized a consolidated net income of P5.1 billion in January to September 2009, for an eight percent growth compared to the same period last year.

Revenues, on the other hand, grew by 14 per cent to P14.6 billion during the first nine months of the year, while EBITDA increased 13 per cent to P10.0-billion, for an EBITDA margin of 69 per cent.

For the third quarter of 2009 alone, SM Prime posted a 9 per cent increase in net income, amounting to P1.7 billion. Revenues for the quarter grew 14 per cent to P5.0 billion. EBITDA stood at P3.5 billion resulting in an EBITDA margin of 69 per cent.

These results include the operations of the three SM malls in China. The SM China malls are located in the cities of Xiamen and Jinjiang in Southern China, and Chengdu in Central China.

The SM China malls’ major tenants include U.S. retail giant Walmart, SM-Laiya Department Store, apparel retailer Giordano, health and beauty store chain Watsons, and international quick service restaurants McDonald’s and KFC, among others.

In terms of share, the SM malls in China contributes 5 per cent to total revenues and 2 per cent to net income.

SM Prime president Mr. Hans T. Sy said in a press statement “SM Prime performed up to par and realized its objectives for the period, notwithstanding earlier fears arising from the impact of the global recession.”

“Although there is some disruption in the operations of SM City Rosales and the basement of SM City Sta. Mesa brought about by the recent typhoons, these have minimal impact on the company, as the physical damage and business disruption are covered by insurance,” Sy said.

“We are speeding up the reopening of the affected malls so that employees who depend on these malls for their livelihood may go back to work immediately. Both malls are resumed full operations by Thursday,” Sy also said.

“The resiliency of OFW remittances augurs well for the company as we move into the Christmas season. Our positive third quarter results are a validation of the company’s sound operating principles and deep understanding of its markets,” he said.

From January to September of 2009, rental fees, which grew 15 per cent to P12.7 billion, accounted for the largest share of SM Prime’s consolidated revenues.

The increase came from both same store rental growth, which increased 5 per cent and from additional floor space created by a new mall and several expansion projects completed in the first nine months of 2009.

The new mall opened in May of this year is SM City Naga, while those expanded were SM City Rosales in Pangasinan, SM City Fairview, and SM City North EDSA through its SkyGarden.

Combined, the new mall and the expansion projects added approximately 141,000 square meters (sqm) to SM Prime’s total gross floor area (GFA).

Meanwhile, cinema ticket sales grew by 8 per cent to P 1.4 billion from P1.3 billion in 2008 due to a good number of blockbuster movies shown such as “Transformers 2”, “You Changed My Life”, “Harry Potter and the Half Blood Prince”, “G.I. Joe 2D” and “In My Life”, among others.

Operating expenses during the first nine months of 2009 increased by 18 per cent, to P6.9 billion, from P5.8 billion during the same period in 2008, due mainly and expectedly to the opening of new malls.

Income from operations reached P7.7 billion, representing an 11 per cent increase, year-on-year.

In October 2009, SM Prime inaugurated SM Center Las Piñas in Las Piñas City. In addition, the company is scheduled to unveil within the fourth quarter of this year SM City Rosario in Cavite.

Thus, by end 2009, SM Prime will have 36 malls nationwide, and including the three SM China malls, its total estimated GFA will reach 4.9 million sq.m. (PNA)V3/JCA

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