SM Development Corp. sets P4.5B for 2008 capital expenditures

SM Development Corp. (SMDC) is allocating P4.5 billion as capital expenditures for 2008. SMDC aims to expand its portfolio of projects in the coming months, with two to three new projects focusing on putting developments around SM landmark malls. SMDC is replicating its Mezza-type development in two new projects in Sucat and Pasay in Field Residences and Sea Residences. Field Residences is a seven-hectare development beside SM Sucat Mall, while the Sea Residences is a six-cluster project to be constructed in the vicinity of SM Mall of Asia. The Sea Residences will be developed in three phases, with the first phase slated for completion by 2010. The third project, Wind Residences, is also a clustered horizontal development to be located in Tagaytay. Roger Cabuñag, president of SMDC, said the company's first-quarter sales more than doubled to P575 million from P256 million last year as it rolled out more real-estate projects and veered away from being an investment portfolio company two years ago.

in Malaya by Albert Castro
April 23, 2008
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