SM Development income grows 24.2% to P1.2B in '07

MANILA, Philippines- SM Development Corp. on Friday reported that its net profit jumped 24.2 percent to P1.2 billion in 2007. In a statement to the Philippine Stock Exchange, SMDC said strong profit growth was boosted by strong condominium sales, which surged 317 percent to P3.7 billion last year. SMDC's sales in 2007 came mainly from Chateau Elysee in Bicutan, Paranaque City and the Mezza Residences in Quezon City. In 2007, SMDC rolled out three new projects: Lindenwood, Berkeley and Grass Residences. Lindenwood Residences is a residential subdivision in Muntinlupa. Berkeley Residences is a 35-storey condominium building along Katipunan Avenue in Quezon City. Grass Residences is a three-tower condominium near SM North EDSA in Quezon City. - GMANews.TV