The country’s largest property developer, SM Prime Holdings has announced plans to launch affordable residential units this year to particularly target millennials and people employed in the business process outsourcing (BPO) industry. SM Prime’s chief financial officer John Ong declined to identify the location of SM Prime’s pilot project but said its mid-rises will be in cities near Manila and on the fringes of the capital’s business districts. Prices for the units range from P1.8m to P2.5m (USD49,600), cheaper than the starting price of P3.1m for the high-rise condominiums dominating SM Prime’s existing 37 projects with 98,000 units.
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