Sy-led SM Investments Corp. and its property arm, SM Prime Holdings Inc., are poised for substantial financial windfall starting in 2027 as they unlock value from a long-dormant premium estate south of Manila.

According to Abacus Securities Corp., the joint development of the 284-hectare Susana Heights property is projected to generate ₱264 billion in revenue and between ₱115 billion and ₱120 billion in earnings over a four-year period.

The development marked a turning point for the asset, which had been sidelined by a protracted court case until a resolution favored an SMIC subsidiary. The conglomerate took direct control of the land last year through a share swap that assigned the property a nominal value of ₱6.2 billion.

The scale of the projected returns highlights a massive valuation gap now being realized by the Sy family’s flagship firms.

Abacus noted that the property will essentially generate billions in sales reservations just a few years after being valued at nearly zero on the company’s books. This surge is driven by SM’s pivot toward the ultra-luxury segment, recently underscored by the launch of its "Signature" series.

At Susana Heights, entry-level prices are set at ₱100 million for a 750-square-meter lot, representing a price of approximately ₱133,000 per square meter.

Development costs for the expansive project are expected to remain manageable relative to the projected top-line growth. Abacus estimated costs at ₱55 billion for the second phase and beyond.

While management has earmarked an initial ₱25 billion in capital expenditures for the first phase, much of that spending will provide foundational infrastructure—including road networks, drainage systems, and a country club—that will benefit subsequent stages of the development.

The brokerage described the ₱55 billion estimate for the remaining 180 hectares as conservative, given that it represents more than double the initial budget for an area less than 1.8 times the size of the first phase.

The financial implications for the individual entities are significant. Abacus revised its earnings expectations upward by more than 50 percent compared to previous forecasts. For SM Prime, the project is expected to provide a 50 percent boost to its 2027 earnings.

For the parent company, SMIC, the impact is magnified by its 80 percent total economic interest in the project, which comprises a 60 percent direct stake in the joint venture and a 20 percent indirect stake through its ownership of SM Prime.

Analysts expect the project to boost SMIC’s consolidated net income by nine percent or more in 2027.

While immediate earnings upgrades may not be imminent, the development is expected to serve as a primary catalyst for the share prices of both companies starting in the second half of 2026.