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Manila Bulletin devider Business devider The Stock Market devider SM Primes sets 1,000-hectare expansion, venturing into luxury, low-cost residential markets

SM Primes sets 1,000-hectare expansion, venturing into luxury, low-cost residential markets

Published Nov 15, 2024 12:33 am

SM Prime Holdings, one of Southeast Asia's largest integrated property developers, is consolidating its residential business under the SM Residences brand, which will venture into both the luxury and low-cost housing markets.

In a disclosure to the Philippine Stock Exchange (PSE), SM Prime announced a strategic reformatting and expansion of its residential business portfolio that aims to optimize the company's revenue mix across key business units.

This strategic move coincides with SM Prime's 30th anniversary. The company has a long-term plan to strengthen its presence in underserved markets and high-growth sectors, including premium and integrated developments.

Starting next year, all SM Prime residential projects will fall under the SM Residences brand. Offerings will range from economic and medium-cost housing to premium and leisure developments.

SM Prime has allocated over 1,000 hectares of land for SM Residences projects, with development planned over the next five years. Approximately 85 percent of this land is earmarked for horizontal development.

This initiative aligns with recent adjustments by the National Economic and Development Authority (NEDA) and the Department of Human Settlements and Urban Development (DHSUD). They have raised the guaranty ceiling for low and medium-cost housing packages to P4.9 million and P6.6 million, respectively.

"These price adjustments will allow us to target a broader segment of the housing market," said SM Prime president Jeffrey Lim. "It will also enable us to better address the growing demand for affordable and quality housing, while contributing to the government's efforts to reduce the housing backlog."

Lim added, "Our growth over the past 30 years has been largely driven by our market-leading position in the mall and retail segment. As we move forward, our goal is to unlock the full potential of our extensive land bank through SM Residences and more integrated developments. This will enable us to sustain long-term growth across a broader business portfolio."

For the first nine months of 2024, SM Prime reported a 12 percentF increase in consolidated net income, rising to P33.9 billion from P30.1 billion a year earlier. Consolidated revenues reached P99.8 billion, eight percent higher than P92.6 billion.

SM Prime's mall segment was a key driver of revenue growth, contributing 57 percent of the company's consolidated revenues. Total mall revenues increased to P56.5 billion, fueled by an 8 percent increase in rental income to P48.5 billion. Revenues from cinemas, event ticket sales, and other activities grew by four percent to P8 billion.

In 2017, SM Prime became the first Philippine company to surpass P1 trillion in market capitalization. By strategically aligning and expanding its portfolio, the company aims to sustain its growth momentum, diversify revenue streams, and strengthen its leadership position in the real estate sector.

Related Tags

SM Prime Holdings Inc. Jeffrey C. Lim SM Residences
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