Jazz is one of the high-rise residential towers built by SM Prime's SMDC in Makati Financial … [+]
SM Prime Holdings (controlled by the family of late retail billionaire Henry Sy Sr.).
Jeffrey Lim, president of SM Prime, has a diversified portfolio.”
SM Prime will spend P67 billion in capital expenditures on residential projects and over planned communities outside the Metro Manila area, about two-thirds of the total.
About 74,000 unsold apartments are in the national capital region, with at least pesos of 158 billion and the highest inventory in eight years, said Joey Bondoc, an analyst at property consulting firm Colliers Philippines.
According to Bondoc, it will take about eight years to clear the surplus of Metro Manila Metropolitan due to the withdrawal of the pandemic by Philippine offshore game operators. Personal income and remittances are not as fast as apartment prices either.
SM Prime said its residential projects this year will include integrated real estate developments mainly in the main island of Luzon and the Mishaya Island area in central Philippines.
The remaining budget this year will be used to expand SM Prime's shopping malls, offices, hotels and conference centers.
About P21 billion will be used to build an additional 205,400 square meters of new shopping mall and rebuild 124,488 square meters of existing retail space. SM Prime currently has 87 shopping malls in the Philippines and 9.4 million square meters in the total floor area.
SM Prime will spend another 12 billion pesos to expand its offices, build two new conference centers, and renovate and expand its hotel. The company has 22 office towers and 1.6 million square meters of building space. It also has 10 hotels and 8 conference centers.
The SY family is also interested in banking, geothermal energy, logistics, retail and transportation through its listed holding company SM Investments. The group's roots are traced to Henry Sy Sr., who sold super shoes in 1958 at a store in Manila, which he aptly called Shoemart. After SY passed away in 2019, his six children – Teresita, Elizabeth, Henry Jr, Hans, Herbert and Harley – Granted His wealth. The family is the richest in the Philippines with a net worth of $13 billion.
