SM Development Corp., the residential property unit of SM Prime Holdings Inc., launched Green 2 Residences, its first high-rise condominium project in Dasmariñas, Cavite worth P3 billion.
SM Development executive vice president Jose Mari Banzon said in a press briefing Tuesday the Green 2 Residences was part of the the group’s portfolio of “University Town” developments aimed at college students and young professionals.
The company plans to sell 1,057 units at an average price of between P2.6 million and P4.5 million.
The 22-storey building will also have a retail developments on the first three floors of the property to address the needs of the residents. Similar to other high-rise projects of SM Development, Green 2 Residences will feature amenities like WiFi-ready study areas, gym, lounges and function rooms.
SM Development said the condominium project is expected to address the current lack of formal housing set up for students in the area.
The project is near three of the Cavite’s most populous universities, namely De La Salle University Dasmariñas, De La Salle Health Sciences Institute and Emilio Aguinaldo College Cavite. The schools have a combined student population of 20,000.
The development could also attract investors who want to invest in real estate properties outside of Metro Manila.
“Real estate investors can take advantage of the growing student market in Dasmariñas as they can lease their units to students who might look for alternatives to the dormitories and room rentals in the area,” SM Development said.
The property through its in-house leasing services and property management unit could also convince investors to lease out their units.
SM Development in the past several years has launched several condominium projects near schools and universities in several parts of Metro Manila.
Among these are Green Residences across De La Salle Taft, Sun Residences along España and near University of Sto. Tomas, and Blue and Berkley Residences along Katipunan Avenue in Quezon City, and Princeton Residences along Aurora Boulevard near St. Paul College.
The capital values of the “University Town” projects have risen significantly in the past years.
For instance, units at Green Residences are now valued at P2.7 million per unit from only P1.9 million when it was launched in 2011.
