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PEOPLE who enjoy the SM shopping experience can rejoice at the fact that they may soon be able to live within the vicinity of an SM mall with the twin projects launched by middle-income property developer SM Development Corp. (SMDC).

Last week, the company unveiled its two newest projects, Sea Residences near the Mall of Asia in Pasay City and Field Residences behind the SM City Sucat in Parañaque.

Branded as a modern tropical residential condominium complex, the P3-billion Sea Residences will contain six 15-storey towers on a 1.8 hectare property that, upon completion, will offer a total of 2,580 units in 1 to 2 bedroom cuts. True to its sea-oriented theme, balcony units will offer "unobstructed" views of the Manila Bay.

SMDC President Rogelio Cabuñag earlier said that target clients are mainly younger crowds and families in the middle-income level. SMDC said the price per square meter is P83,000.

The project is expected to benefit not just from its location" near the Mall of Asia but also from the nearby upcoming entertainment city of Pagcor (Philippine Amusement and Gaming Corp.), he said.

Furthermore, SMDC boasts of incorporating green architecture in the design of Sea Residences such as maximizing natural lighting, proper use of building orientation and open spaces to encourage natural airflow and saving measures like collecting and treating wastewater to be reused for the landscaped gardens.

SMDC said Phase One, which includes the first two towers containing 1,100 units as well as the podium and most of the amenities, will be completed by 2011.

Meanwhile, Field Residences is a similar mid-rise development marketed as a modern tropical designed residential condominium village sprawled over a 7.8-hectare property behind SM City Sucat. Like the Sea Residences, Field Residences targets middle-income families and professionals.

To be built over a larger area, Field Residences' site development plan indicates the use of building orientation to maximize natural ventilation. Common gardens, picnic areas and jogging trails emphasize spaciousness while promoting community over seclusion. Expected amenities such as the clubhouse, pools, sports courts and playgrounds will be present.

Units come in one- and two-bedroom cuts, with an option for a three-bedroom combined unit. According to Bahay.ph, a property listing website, prices for Field Residences are pegged at P50,000 per square meter. Expected turnover is set on December 2009.

At the unveiling, Jose Gabionza, SMDC vice president of finance, is optimistic about reaching their sales targets for both Sea and Field Residences which he estimated at 50 percent of units in the first phase.

At the moment, the company is still waiting for its license to sell from the Housing Land Use and Regulatory Board. Gabionza said the company expects to obtain the license before the start of the fourth quarter.

On the completion of additional phases in Sea and Field Residences, he said they will respond accordingly depending on the "velocity of sales".

Field Residences and Sea Residences are the latest projects to be launched by SMDC following Lindenwood Residences, Chateau Elysee, Mezza, Berkeley and Grass Residences. SMDC is also working on the design plans for its newest development, Wind Residences in Tagaytay, to be finalized this year according to the company's website.