LISTED real estate developer SM Prime Holdings, Inc. has allocated an initial P25 billion in capital expenditure for the first project under its newly launched Signature Series by SM Residences, marking its entry into the premium residential market.
With the P25-billion budget, Signature Series by SM Residences will develop a 284-hectare property in Susana Heights, Muntinlupa City, featuring residential clusters, neighborhood retail, civic spaces, pocket parks, and an ultra-luxury village.
Jose Juan Z. Jugo, SM Prime executive vice-president and Signature Series Group head, said the residential lots in the Susana Heights project will feature large cuts of land with a starting price of P100 million per lot.
“These are not small cuts (of land). Nothing less than 750 square meters (sq.m), probably all the way up to 1,000 sq.m,” he said during a media briefing on Wednesday.
“We’re looking probably at an entry level of P100 million per residential lot. These are not small cuts. These are very exclusive, very premium cuts,” he added.
Mr. Jugo said there is no launch date yet for the planned Susana Heights project. However, he noted that developing a residential subdivision typically takes about three to four years.
“A residential subdivision in my experience would take anywhere between three and four years to develop. We haven’t fixed the launch date yet. It’s coming soon,” he said.
“It’s been there — brewing and appreciating in value — and now we are unlocking its full potential. It is a very powerful address, and there is no other parcel of land of this size and scalability in Metro Manila that will be developed from scratch,” he added.
Including the Susana Heights project, Mr. Jugo said the Signature Series Group has a 400-hectare landbank, of which over 300 hectares are located within Metro Manila.
“It’s a bit fragmented, but still very prime locations,” he said.
Aside from the Susana Heights project, the Signature Series Group is also partnering with an unnamed high-end real estate developer to develop a 6,000-square meter property in Makati City.
The Signature Series Group has also identified locations in Manila, Pasay, Pasig, Parañaque, Taguig, Cebu, Cavite, Tagaytay, and Batangas as part of its project pipeline.
Mr. Jugo said the residential offerings of the Signature Series Group will range from entry-level premium (starting at P15 million), upscale (starting at P25 million), and luxury and ultra-luxury (P65 million and above).
Jessica Bianca Sy, SM Prime vice-president and head of design, innovation, and strategy, said that every Signature Series development comes with a specialized and dedicated team of designers, strategists, technical experts, and service professionals.
“From the earliest design decisions to the way every detail comes together on-site, intentionality, wholeheartedness, and excellence define how we work,” she said.
“For Signature Series, this means creating visually refined spaces that are responsive to how people live, and are built to stand the test of time,” she added.
Meanwhile, Mr. Jugo said the Signature Series Group is a separate organization operating under the company Signature Development Corp.
“This is Signature Series, which is under a separate company called Signature Development Corp. wholly owned by the SM Group,” he said.
SM Prime shares rose by 4.46% or P1.05 to P24.60 per share on Wednesday. — Revin Mikhael D. Ochave
