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Old December 31st, 2009, 10:31 PM   #1
ruralvillage
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My Place South Triangle [4T|28F|mix]

Mods, we just have to change the name when updates are available.

Posh SM condo rising on Danarra property
Manila Standard

Tessie Sy, the eldest child of retail tycoon Henry Sy Sr., had no inkling that the SM group had just bought the landmark 86-room Danarra Hotel and Resort in Quezon City early this month.

Tessie, vice chairman of SM Investments Corp., said during a recent chitchat with some of the country’s business editors that she thought SM Development Corp., a unit of SM Investments, merely acquired a one-hectare lot in Quezon City, unaware that a hotel structure sat on it.

She said her architects and developers only showed her a lot plan of the recent acquisition and, thus, had no idea that SM Development also bought the improvements in the lot, including Danarra Hotel.

Listed SM Development Corp. on Dec. 10 wrote the Philippine Stock Exchange to confirm the Danarra purchase as reported in this column on the same day. The company clarified, though, that it bought the Quezon City property just across the compound of ABS-CBN Broadcasting for less than P350 million.

Tessie also confirmed that SM Development would take over Danarra Hotel in January next year, tear it down and build a high-rise condominium. She said a residential condominium carrying SM’s Residences brand would shortly rise on the lot.

Danarra Hotel, a favorite hangout in the 70’s and 80’s, sits on a one-hectare property in Quezon City’s South Triangle, also called Timog Triangle. It is sandwiched between Panay Avenue and Eugenio Lopez St.

The grapevine said the family of hotel president and general manager Mario Sarmiento had to give up Danarra Hotel because of the hotel’s piling debt now estimated at over P400 million. The family also needed the money to revitalize Vitarich, which has just come out from rehabilitation.

Mario is the son of patriarch Don Pablo Sarmiento, who owns listed Vitarich, along with brothers Feliciano and Lorenzo. Another son of Don Pablo, Angelito, is the mayor of San Jose del Monte town in Bulacan and a former congressman of the province.

Motorists and employees passing by the Danarra property, meanwhile, should soon expect a giant billboard of actress Marian Rivera to rise on the area, endorsing the latest Residences condo brand.

The new residential condo building will join SM Development’s latest projects—Jazz Residences near Jupiter Road in Makati City, Sun Residences right beside the Mabuhay (formerly Welcome) Rotunda near the Quezon Avenue boundary of Quezon City and Manila, Light Residences near Pioneer Street in Mandaluyong, and Wind Residences along Emilio Aguinaldo Highway in Tagaytay City.

Ongoing projects also include Chateau Elysee in Parañaque City, Mezza Residences across SM City Sta. Mesa, Berkeley Residences along Katipunan Avenue in Quezon City, Grass Residences beside SM City North Edsa, Field Residences in Parañaque City, Sea Residences near the Mall of Asia Complex in Pasay City, and residential subdivision Lindenwood Residences in Muntinlupa City.

E-mail: rayenano@yahoo.com or business@manilastandardtoday.com
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Old January 1st, 2010, 12:05 AM   #2
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Happy New Year, ruralvillage!

Wow, even New Year, nag-u-update ka. Sipag! May the Force be with you!
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Old January 2nd, 2010, 04:54 AM   #3
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SM group acquires Danarra Hotel in QC
Manila Standard

There’s another Pacman in town, and it’s not the group of telecom honcho Manuel V. Pangilinan or the growing empire of investment banker Roberto V. Ongpin.

It’s SM Development Corp., the property arm of retail tycoon Henry Sy. The property firm is slowly building up its landbank and parlaying new lot acquisitions into office and residential condominiums.

The grapevine said SMDC recently bought the one-hectare, 86-room Danarra Hotel and Resort from the family of hotel president and general manager Mario Sarmiento for about P350 million. Mario is the son of patriarch Don Pablo Sarmiento, who owns listed Vitarich Corp., along with brothers Feliciano and Lorenzo. Another son of Don Pablo, Angelito, is the mayor of San Jose del Monte town in Bulacan and a former congressman of the province.

The grapevine said SMDC would take over Danarra Hotel in January next year, tear it down and build a high-rise office condominium to take advantage of the area’s strategic location. Danarra Hotel, a favorite hangout in the 70’s and 80’s, sits on a one-hectare property in Quezon City’s South Triangle, also called Timog Triangle. The hotel is sandwiched between Panay Avenue and Eugenio Lopez St. and just adjacent to television network ABS-CBN Broadcasting Corp.

SMDC’s Danarra Hotel’s acquisition followed the purchase of three new properties worth close to P2 billion last month. SMDC bought a one-hectare property near Welcome Rotonda in Quezon City, where it plans to build two residential condominiums under the Sun Residences brand. The Welcome Rotonda property was the site of a popular girlie bar in the 70’s.

SMDC also acquired a two-hectare lot along Jupiter Street in Makati City, where it plans to construct four residential towers called Jazz Residences. SMDC’s third acquisition is located on a two-hectare property in Mandaluyong City near the Boni Station of MRT 3, where the company plans to build Light Residences.

Hotel in debts

The grapevine said the Sarmiento family had to give up Danarra Hotel because of the hotel’s piling debt now estimated at over P400 million. The family also needed the money to revitalize Vitarich, which has just come out from court rehabilitation.

The hotel property in the late 50’s and 60’s originally served as the seven-bedroom house of Don Pablo and wife Doña Eufrocina and their nine children—Angelito, Leonila, Pablo Jr., Imelda, Myrna (deceased), Oscar, Eulogio, Mario and Carlito.

Don Pablo, sensing a business opportunity, transformed the one-hectare property into a lodging business. The house was often near-empty because Don Pablo’s children were almost always abroad for education.

The Sarmientos in 1964 converted their house into Tourist Hometel and in 1975 transformed it into a full-blown hotel business complete with a food and beverage service.

They renamed the expanded facility to Danarra Hotel, a name they borrowed from the popular plywood brand that the Sarmiento family produced and exported. Danarra plywood is derived from two popular local trees—Dao and Narra.
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Old January 3rd, 2010, 04:40 AM   #4
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This one will rival Will Tower Mall of Polar Mines. Cant wait for the price list of this development
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Old January 3rd, 2010, 05:25 AM   #5
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Mas maganda kung gawin din na condotel ito.
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Old January 11th, 2010, 04:20 AM   #6
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Grabe SM, Sy is so damned aggressive..dami nilang acquired properties that you never think of having it develop.
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Old March 30th, 2010, 03:58 AM   #7
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Ooopps yes too many... In QC alone they have and will have:

Grass Residences near SM North
West Residences at West Ave
and now - SM Danarra...

If you are an investor, you just cant decide...
If you are a realtor, great...

Whatdyathink
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Old March 30th, 2010, 04:00 AM   #8
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By the way, does anyone know how big the lot development is? Is Danarra Hotel big?
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Old April 26th, 2010, 09:03 PM   #9
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palitan na ang pangalan ng thread na ito ng "My Place"

SMDC to launch low-cost housing projects in May
Companies
Written by Miguel R. Camus / Reporter
Tuesday, 27 April 2010 20:50

SM Development Corp. (SMDC), the listed middle income property developer of tycoon Henry Sy, is joining the low-cost housing bandwagon as it bared a plan to offer condominium units priced P1.1 million and below.

Following the company’s shareholders meeting on Monday, SMDC vice chairman and chief executive officer Henry Sy Jr. said the company will launch the new “My Place” brand by the middle of next month.

He said the plan is to build at least five My Place projects this year until next, which will offer an average of 2,000 units per development.

The announcement came as the younger Sy expressed his bullishness over SMDC’s prospects, saying the firm would grow earnings by as much as half every year until 2015.

“We will try to make 30-percent to 50-percent growth in the next five years. This [is] in volume and profits,” said Sy yesterday. This, after SMDC grew its net income 32 times to P1.9 billion in 2009 on the back of revenues which hit P5.3 billion.

The company’s profits grew 51 percent to P632 million for the first three months of 2010, buoyed by net income from real-estate operations, which jumped 48 percent to P628 million.

SMDC plans to launch at least four new projects in Manila, Ortigas in Pasig City and Quezon City in 2010. At least one of these will be launched under My Place.

Just last month, Ayala Land Inc. also introduced a new low-cost unit Amaia Land which will build the company’s first project in Calamba, Laguna, offering an initial 1,300 units.

To offer a total of 2,000 units, Sy said the pilot My Place project will be a four-tower development to be built on a one-hectare property occupied by the former Danarra Hotel in Panay Avenue Quezon City.

Room sizes will average 20 square meters priced at no more than P1.1 million.

“How to alleviate the housing shortage is our goal,” Sy said, while adding that My Place will also cater to young, single professionals.

SMDC plans to spend between P4 billion to P8 billion this year to launch new projects.

On top of internal cash generation and bank loans, SMDC president Rogelio Cabunag said the board also approved yesterday the sale of as much as P10 billion worth of corporate notes.

He said the company engaged sister firm BDO Capital and Investment Corp. for the said issue which is composed of an initial P5-billion offer with an option to upsize by another P5 billion.

SMDC launched five projects in 2009. These were the Princeton Residences, a one-tower project in Quezon City; Light Residences, a four-tower development at the corner of Edsa and Pioneer Street; Sun Residences, a two-tower project in front of Welcome Rotunda on Quezon Avenue; and Jazz Residences, with four towers on Jupiter Street in Makati City.

Launched outside Metro Manila was Wind Residences, which will have 10 towers on a 15- hectare property on Aguinaldo Highway in Tagaytay. At present, SMDC has 12 projects.

Last edited by NOVO ECIJANO; April 26th, 2010 at 09:16 PM.
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Old April 27th, 2010, 01:48 PM   #10
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naka fence na yung site!
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Old April 27th, 2010, 03:26 PM   #11
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from manila standard today

SM launching cheap condo units in Danarra site
by Jenniffer B. Austria


SM Development Corp., the property company of retail tycoon Henry Sy, plans to sell homes worth P1.1 million and below to help address the country’s housing backlog.

SM Development vice chairman Henry Sy Jr. said in a press conference Monday following an annual stockholders’ meeting that the company had chosen its recently acquired one-hectare lot in Quezon City, the site of the former Danarra Hotel, as the first of such housing venture.

Sy said the new project, under the brand name My Place, would be launched next month. It will contain four 20-story buildings offering as much as 2,000 units.

“We believe this product will be another success and it’s our move towards alleviating the housing demand in the Philippines. This product will be selling P1.1 million and below at good locations,” Sy said.

Units under the My Place brand will occupy 20 square meters each with a monthly amortization of as low as P6,000.

Sy said project would target call center agents and investors interested in leasing the units.

Ayala Land Inc., the property unit of conglomerate Ayala Corp., earlier ventured into economic housing projects with units costing between P600,000 and P1.1 million each.

SM Development, meanwhile, is launching four new residential projects this year—two in Quezon City and one each in Manila and Ortigas district. It said the four projects could cost a combined P8 billion at the most.
“Our cost will still be in the vicinity of the P1 billion to P2 billion per project,” SM Development said.

SM Development reported a 51-percent increase in its first- quarter net income on strong real estate sales from projects launched last year.
Net income rose to P632 million from P419 million year-on-year as real estate operations grew 48 percent to P628 million from P425 million a year ago.
Consolidated revenues in the three-month period stood at P2 billion, up 48 percent on year as realized revenues rose 45 percent to P1.9 billion from P1.3 billion in 2009.
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Old April 29th, 2010, 12:11 PM   #12
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1.1M unit!!! Wow, this is a steal! Considering that you are in the heart of QC. But how about the commute here? Lapit lang bang walk going to edsa?
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Old April 29th, 2010, 01:45 PM   #13
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trike distance to edsa, walking distance to Q Ave.

tapat lang to ng Gerardos diba?
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Old April 29th, 2010, 06:40 PM   #14
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that's a steal nga but not too familiar with the area
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Old April 30th, 2010, 06:57 AM   #15
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Quote:
Originally Posted by zandro888 View Post
1.1M unit!!! Wow, this is a steal! Considering that you are in the heart of QC. But how about the commute here? Lapit lang bang walk going to edsa?
Quote:
Originally Posted by richard24 View Post
trike distance to edsa, walking distance to Q Ave.

tapat lang to ng Gerardos diba?
Quote:
Originally Posted by wantacondo View Post
that's a steal nga but not too familiar with the area

I apologize for using our project's location map, but this pic includes the Danarra property tagged as "Hotel Danarra" left most portion of the map. Based on this map, it's two blocks away from MRT Quezon Avenue Station and Edsa.

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Old April 30th, 2010, 12:01 PM   #16
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wow!!! this is really great... lapit sa QAve at sa EDSA... what a project!!! mura in this part of town... punta kayo sa BLOG ni Zandro888 and compare with other QC condos in this part of town...
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Old April 30th, 2010, 12:19 PM   #17
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madaming future tenants dito from ABS-CBN, NCO, Sykes, Centris, etc. and you live right in front of gerargdos, nothing can beat that location!! inuman 24/7 hahaha. can't wait to see the floor plans.
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Old April 30th, 2010, 12:38 PM   #18
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Quote:
Originally Posted by b_two View Post
from manila standard today

SM launching cheap condo units in Danarra site
by Jenniffer B. Austria


SM Development Corp., the property company of retail tycoon Henry Sy, plans to sell homes worth P1.1 million and below to help address the country’s housing backlog.

SM Development vice chairman Henry Sy Jr. said in a press conference Monday following an annual stockholders’ meeting that the company had chosen its recently acquired one-hectare lot in Quezon City, the site of the former Danarra Hotel, as the first of such housing venture.

Sy said the new project, under the brand name My Place, would be launched next month. It will contain four 20-story buildings offering as much as 2,000 units.

“We believe this product will be another success and it’s our move towards alleviating the housing demand in the Philippines. This product will be selling P1.1 million and below at good locations,” Sy said.

Units under the My Place brand will occupy 20 square meters each with a monthly amortization of as low as P6,000.

Sy said project would target call center agents and investors interested in leasing the units.

Ayala Land Inc., the property unit of conglomerate Ayala Corp., earlier ventured into economic housing projects with units costing between P600,000 and P1.1 million each.

SM Development, meanwhile, is launching four new residential projects this year—two in Quezon City and one each in Manila and Ortigas district. It said the four projects could cost a combined P8 billion at the most.
“Our cost will still be in the vicinity of the P1 billion to P2 billion per project,” SM Development said.

SM Development reported a 51-percent increase in its first- quarter net income on strong real estate sales from projects launched last year.
Net income rose to P632 million from P419 million year-on-year as real estate operations grew 48 percent to P628 million from P425 million a year ago.
Consolidated revenues in the three-month period stood at P2 billion, up 48 percent on year as realized revenues rose 45 percent to P1.9 billion from P1.3 billion in 2009.
two projects in QC - West Residences and My Place (Danarra Hotel)
one in Manila - Taft Avenue near DLSU
Ortigas - ???? (anybody has an idea?)
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Old April 30th, 2010, 04:42 PM   #19
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Looks like another great condo project, too bad la na ako pera huhu... but I will definitely recommend this to my friends and relatives who might be interested.
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Old May 1st, 2010, 05:28 AM   #20
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Quote:
Originally Posted by Aziza1121 View Post
two projects in QC - West Residences and My Place (Danarra Hotel)
one in Manila - Taft Avenue near DLSU
Ortigas - ???? (anybody has an idea?)
sa may C5 tapat ng Tiendesitas? ehehehe not sure
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