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SMDC is a the residential property developing arm of the SM Group of Companies, one of the Philippines' biggest conglomerates and controlled by Filipino-Chinese businessman Henry Sy Sr.. The group is involved in retail, banking and real estate. SMDC vice chairman and CEO Henry Sy, Jr. said the SMDC's mostly middle-class clientele chose to buy units of SMDC's condominiums, attracted by its strategic location, reasonable price levels and strong brand recognition. Sy said SMDC's high-rise condominiums were all located in Metro manila and are situated either near transport hubs, schools and SM shopping centers. Company officials are optimistic that despite a weak economic environment, SMDC's sales will continue to expand, as its main market -- the upwardly mobile middle class -- will strive to have their own homes. Sy said the company is looking to capture more of the overseas Filipino market. Currently, Overseas Filipino workers only account for ten percent of SMDC's sales. The Philippines is among the world largest labor exporters and Overseas Filipino workers are among the main drivers of growth in Philippine vehicle and real estate sales. SMDC president Rogelio Cabunag said this year's programmed capital budget of 7 billion pesos (144 million dollars) will finance both existing and new projects and land banking activities. SMDC has 1.4 million square meters of undeveloped land and plans to buy more properties as it launches new projects in the next few years. "There's a big marker for second homes," Sy said, adding that some of their buyers are looking to purchase properties near resorts outside of Metro Manila. For full details for SMDOF click here.
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