Condo developer to venture into ‘lot only’ biz

By Kris Crismundo

April 26, 2023, 9:15 pm

MANILA – With the growing demand from overseas Filipino workers (OFWs) to buy parcel of land to build their own houses, condominium builder SM Development Corporation (SMDC) will be launching a “lot only” product line.
SMDC president Jose Mari Banzon said this new product line of the company will be located in Pampanga, Tarlac, Cagayan de Oro, Davao and Bacolod.
“We will be selling the affordable ones... You cannot find properties in Metro Manila. For that, you have to go outside,” he told reporters on the sidelines of SM Prime Holdings, Inc. in Pasay City on Wednesday.
Banzon said the company wants to tap the “big opportunity” in selling parcel of land only, with bulk of these demands coming from OFWs.
“Actually, when our people go overseas, many of our overseas Filipinos look for lots only because when they come home in Manila, they want to build their homes themselves, that’s one; and number two, is also for their children -- investing for their children,” he said.
Meanwhile, SMDC will be launching 10 condominium projects this 2023 worth PHP80 billion.
“We normally roll them out as the sales dictate. For example, when sales are strong, if existing inventory is depleting, then, we can throw them out,” Banzon added. (PNA)