SM Development Corporation (SMDC) reported that its consolidated net income grew 31-fold last year to P1.8 billion from just P56.8 million in 2008 as its real estate development business goes full swing while the value of its equity investments also improved.

In a disclosure to the Philippine Stock Exchange Tuesday, SMDC said that, of the total, net income from real estate operations amounted to P1.5 billion, for a 36 percent increase from P1.1 billion in the previous year.

Realized revenues from real estate operations in 2009 jumped 73 per to P5.3 billion from P3.1 billion in 2008. This marked improvement was a result of intensified sales activities, a host of new projects, on time construction and completion of projects, and keener cost control efforts.

A more stable financial market also allowed the company to gainfully divest much of its equity portfolio.

For the whole of 2009, SMDC pre-sold 4,892 residential units worth approximately P10.5 billion. Compared to the same period in 2008, the number of units pre-sold increased by 133 percent.

“Our motivation grows by the day, encouraged by the enthusiasm and growing acceptance that SMDC is receiving from the market. Our innovative business model and focused strategy are thrusting us toward to a new frontier in Philippine residential development,” said SMDC president Roger R. Cabuñag.

By end 2009, SMDC had a roster of 12 projects from only seven in 2008. These projects, which will have fully furnished units, are experiencing brisk market uptake.

The new projects launched in the second half of 2009 were the Princeton Residences along Aurora Boulevard in Quezon City; Jazz Residences near Jupiter Road in Makati City; the Sun Residences right beside the Mabuhay (formerly Welcome) Rotonda; the Light Residences near Pioneer Street in Mandaluyong City; and the Wind Residences along the Emilio Aguinaldo Highway in Tagaytay City.

The other ongoing projects of SMDC are: Chateau Elysee, a mid-rise condominium project in Parañaque City; Berkeley Residences in Katipunan Road, Quezon City; Grass Residences beside SM City North Edsa; Sea Residences near the Mall of Asia Complex in Pasay City; and Field Residences in Sucat, Parañaque.