PASAY CITY, Philippines, 24 October 2024 — SM is catering to the growing demand of Filipino home-seekers by providing more investment opportunities in Vail Residences in Cagayan de Oro.
The SM group’s residential SM Development Corporation (SMDC), through SM Prime Holdings, Inc. (SM Prime), is launching the second phase of Vail Residences’ expansion following the rapid success of the first phase, which sold out in just three months. As of the end August this year, the second segment has already recorded 45% of units sold in under a month.
“This is an encouraging sign of the growing demand in these progressive cities where we have seen significant economic activity in terms of Integrated developments, and premium lifestyle. It aligns with our vision to make homeownership accessible to more Filipinos,” said Jessica Bianca ‘Jica’ T. Sy, Vice President and Head of Design, Innovation and Strategy of SM Prime and SMDC.
The capital city of Misamis Oriental has become a highly urbanized center. It registered the fastest-growing economy in Northern Mindanao in 2022 and the largest share of contribution to the region’s gross domestic product (GDP) at 28%, among the seven economies present in the area.
In his State of the City address published online, Cagayan De Oro Mayor Rolando ‘Klarex’ Uy welcomed the investments coming into the city citing the resilience of the Kagayanons.
A testament to its accessibility is Vail Residences’ below-market value amid the premium lifestyle the space offers. Valued at least PHP3.4 million per unit, the property was cited as the Best Affordable Condominium during the Carousell Property Awards in 2023.
SMDC further contributes to this growth by strategically adding the residential component to a thriving integrated property development of its parent firm, SM Prime. Vail Residences is only a 500-meter walk away or three-minute drive to SM City CDO Uptown.
This is on top of SMDC’s staple offerings of resort-inspired amenities, hotel-like lobbies, and the affordability of units, ensuring lifestyles and accessibility intersect.
As of end-2023, SMDC has more than 183,000 residential units across 67 developments nationwide. Of these, 20 residential developments are in provincial cities in Pampanga, Bulacan, Rizal, Cavite, Laguna, Iloilo, Bacolod, Cagayan de Oro and Davao. It recently introduced Turf Residences in Biñan, Laguna and Parkville Residences in Bacolod City, Negros Occidental in 2023. These developments are accessible to SM Supermalls and transport terminals to provide convenience to residential communities.
“Through these efforts that provide opportunities of homeownership in different local such as in CDO, we aspire to help more Filipinos be a part of thriving growth centers,” she added.