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SM property unit allocates fund for three new projects Cai U. Ordinario - 2005-12-19 The Manila Times SM Development Corp., the real-estate unit of the SM Group of Companies, plans to set aside a bigger amount for three big projects next year. Rogelio R. Cabunag, SMDC president, said the company will raise its capital expenditures to P1 billion next year from its less-than-a-billion pesos spending bill this year if all three projects push through.. The three projects are the Hacienda Looc, the next two towers of Chateau Elyseé, and a venture near SM Centerpoint that has yet to be named. For that project, the company will forge a joint venture with affiliate bank, Banco de Oro, which owns the property on which sits the Centerpoint shopping mall. Under the joint venture, SMDC will develop the 1.4- to 1.5-hectare lot for commercial and residential purposes. Set for launch in the first quarter, the project is expected for completion by end of 2006. Cabunag said the project is aimed at the middle- to upper middle market. The project will be a mixed-use development, with four towers of 30 stories each. The first four to five stories will house the commercial development, while the remaining floor will be reserved for residential units. Cabunag said the commercial aspect has yet to be decided upon, but stressed it won’t be a shopping mall. [so if it's not a shopping mall, then what could it possibly be??? -Aaron/Thomasian] On Hacienda Looc, the company is undertaking changes in the project design, Cabunag said, adding a launch may happen next year. Located on a 5,000-hectare property in Batangas, the P2- to P3-billion project’s first phase includes leisure amenities such as a clubhouse, swimming pools, and golf course. As for Chateau, the company plans to start construction of the next two phases next year. To date, two phases and a clubhouse have been completed. Cabunag said the company will turn over the units of the second phase to the owners by February next year. The project master plan provides for six phases. Chateau is a six-cluster residential condominium project in Bicutan, Taguig.