THE SM Development Corporation (SMDC), the residential developer of SM City, is set to construct its first condominium project in Mindanao, an executive said.
SM Shopping Center Management Corp. vice president for Mindanao Operations Oliver John Tiu bared on Tuesday, February 14, eyes to construct a four-building condominium project within SM City Davao property.
The project is expected to be completed by 2020.
“Construction will start by the third quarter this year,” he said adding that the project will rise in a 2.5-hectare property near SM City Davao, Ecoland.
The four residential buildings will be eight stories each.
Apart from the condominium project, a five-storey car park building will also be established.
“The car park building will house BPO locators and food tenants to maximize the area and also to give the residents more convenience,” SM City Davao Assistant Mall Manager Nick Santos said.
Santos added the car park will accommodate around 1,500 to 1,900 vehicles.
“We are very upbeat on investing Mindanao as it holds a lot of opportunities,” Tiu said.
More malls in Mindanao
SM Supermalls is beefing up its investment in Mindanao as it will cement its presence here by building five more malls in the island-region by 2020.
The mall’s investment direction is buoyed by Mindanao’s strong economic momentum and expanding middle class.
Tiu told reporters that areas of expansion are the cities of Cagayan De Oro, Tagum, Butuan, Zamboanga, and Toril, Davao City.
The SM Downtown Premier-Cagayan de Oro, which is at 150,000 square meters in floor area, will open this May.
While for Butuan and Tagum, it will be launched by first quarter and fourth quarter of 2018, respectively.
SM malls in Zamboanga and Toril will be finished by 2020.
SM City mall manager Maria Lynette Lopez also said SM targets to establish 75 malls nationwide by 2018.
“At present we have 60 mall branches in the country, three of which are located in Mindanao (SM City Davao, SM Lanang Premier, and SM City Gensan),” she said.
On an average, SM is growing its presence by building 5 to 10 malls yearly.