SM Development Corporation (SMDC), the residential development arm of the SM group of companies, reported a record-breaking consolidated net income of P1.0 billion for the first half of 2009, coming from just P10.3 million in the same period last year.

In a disclosure to the Philippine Stock Exchange (PSE), SMDC said its real estate income for the period expanded by 104 percent to P776 million.

SMDC’s consolidated revenues, on the other hand, reached P2.6 billion during the period, for an 85 percent increase year on year. EBITDA reached P921 million, for an EBITDA margin of 40 percent.

Realized revenues from real estate operations during the period increased 31 percent to P2.3 billion, compared to P1.8 billion in 2008. For the first half of 2009, SMDC pre-sold 32 percent more in residential units at 1,771 worth P4.1 billion.

SMDC president Roger Cabuñag said, “we came from a low-income base last year due to our equity positions that were affected by the financial meltdown, the dramatic increase in net income was also achieved by exerting greater effort in sustaining the growth in residential real estate operations.”

He added that SMDC expects a robust growth for the rest of the year as the firm is preparing to launch more projects. SMDC has seven on-going projects.

Chateau Elysee, a six-cluster mid-rise condominium project in Parañaque City, is now in its fifth cluster, which is 58 percent complete.

Berkeley Residences in Katipunan Road, across Miriam College, is 40 percent complete, and Grass Residences beside SM City North EDSA is 39 percent complete with its Tower 1.

Newer projects like Sea Residences near the Mall of Asia Complex in Pasay City is 9 percent complete for its phase one and Field Residences in Sucat, Parañaque City is 45 percent complete also for its phase one.

Meanwhile, both Lindenwood Residences, which is a residential subdivision in Muntinlupa City, and Mezza Residences, across SM City Sta. Mesa are near 100 percent completion.

Other projects scheduled to be launched in the second half of this year are Princeton Residences, which is near the Gilmore LRT-2 Station along Aurora Boulevard in Quezon City; Sun Residences, near Welcome Rotonda in Quezon City; Mars Residences along Jupiter Street in Makati City; Jazz Residences in Mandaluyong City; Tree Residences along Felix Avenue in Cainta, Rizal; and Wind Residences in Tagaytay City.