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Condo developer to enter “lot only” industry

The developer of condominiums SM Development Corporation (SMDC) will introduce a “lot only” product line in response to the increased demand from overseas Filipino workers (OFWs) to purchase a parcel of land on which to construct their own homes.

This new product line of the corporation will have offices in Pampanga, Tarlac, Cagayan de Oro, Davao, and Bacolod, according to SMDC President Jose Mari Banzon.

“We’ll sell the reasonably priced ones… In Metro Manila, there are no properties to be found. You have to walk outdoors for it, he told reporters Wednesday outside SM Prime Holdings, Inc. in Pasay City.

According to Banzon, the corporation intends to capitalize on the “big opportunity” in selling only parcels of land, with the majority of these requests coming from OFWs.

Actually, he continued, “Many of our people who travel abroad look for lots only because, first, they want to build their homes themselves when they return to Manila; second, it’s also for their children — investing for their children.”

In the meantime, 10 condominium developments worth PHP80 billion will be launched by SMDC in 2023.

“Normally, we release them in accordance with sales. For instance, if demand is high and inventory is running low, we can get rid of them, Banzon said.

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