SM Development sets aside P300M for new project

SM Development Corp. has formally launched the construction of its latest cluster in its medium-rise residential project- Chateau Elysee- in Bicutan, Paranaque City. The company said it will be spending at least P300 million for the buildings. Gilbert Ang, SMDC assistant vice president and project director of Chateau Elysee, told reporters that the development involves the construction of four buildings, which will be completed after a year. "For the total development of the project, including the clubhouse and other amenities the company is spending anywhere between P2 billion to P2.5 billion," Ang said. Chateau Elysee is a masterplanned community, which has six clusters composed of four buildings each and 500 units for each cluster. It is the first foray of the SM's property unit into residential property targeting the middle-income market. The new cluster of buildings will be called the Ritz Cluster.Each building will have seven storeys equipped with two elevators each that can accommodate 15 persons each. The company expects gross sales for the entire project are expected to hit P6 billion. Units, which will have one bedroom or two bedrooms, will cost from about P900,000 to P2.8 million. A one-bedroom unit will have about 20 square meters of floor area while the two-bedroom unit will have a 40 to 46 square meters as floor area. - GMANews.TV