SM Development Corp., the real estate unit of property developer SM Prime Holdings Inc. plans to start pre-selling residential condominium projects in Chengdu, China in the second quarter of 2017.
SMDC executive vice president Jose Mari Banzon said in a recent interview that once the construction of the first two residential towers hit the ground level by April or May, the company would also start pre-selling the projects.
“The whole development is a two-hectare property, so to reach the ground level, it will take another five to six months. We estimate [that by April or May], we will start to hit the ground floor,” Banzon said.
Banzon said the company would initially launch two towers but the whole development would have a total of seven towers.
SMDC has yet to finalize the selling price of the condominium units. “We have not established the pricing yet because the market in China is volatile so we have to be in tune with the market once we launched,” Banzon said.
The first two towers will be completed by 2019.
Banzon is confident that about the company’s first overseas venture because of the good location of the project.
“There is strong demand because the project is within city center and that project is located right beside our mall,” Banzon said.
“If we can accelerate the launch then we will. But it will all depend on construction schedule,” he said.
SMDC also announced last week it would bring attainable luxury living to the provinces as it began to expand product offering to include economic housing.
The residential developer said it would launch its first economic housing project in Central Luzon in 2017.
The company said the gated development would offer house and lots, well-appointed amenities, and a commercial development right beside it.
SMDC said the project would help narrow the huge gap in the Philippine housing sector with a reported backlog of over 5.5 million units, according to the Housing and Urban Development Coordinating Council.