Philippine property giant eyes Dubai

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Henry Sy, the Philippines’ richest man and owner of SM Group, wants to tap Gulf wealth for his property projects

SM Development Corporation, a property firm owned by the Philippines’ richest man, Henry Sy, is planning to open an office in Dubai to cater to the rising property demand of Overseas Filipino Workers living in the city and to offer prime real estate to foreign investors.

The company, one of the largest and  fastest growing real estate firms in the Philippines that is mainly engaged in condominium projects, said it recently saw a spike in the number of buyers from the United Arab Emirates and other Gulf Cooperation Council countries, according to a report in Dubai-based Gulf News.

From January to July 2012, SM Development registered over 1 billion pesos ($20 million) in sales to customers from these countries, the paper quoted Byron Ramos, an international property specialist in Dubai on behalf of SM Development.

He said that not only Filipino expats would increasingly buy property in their home country, but also foreign investors.

By law, foreigners cannot acquire land in the Philippines unless they set up a corporation or a partnership that is at least 60 per cent Filipino owned. Owning of houses or buildings is legal as long as the foreigner does not own the land on which the house is built. In the case of condominiums, foreigners can acquire condominium units and shares in condominium corporations up to 40 per cent of a Filipino owned or controlled condominium corporation.

SM Development currently holds the leading position in the number of condominium units built in the Philippines with more than 20 high-rise condominiums in its portfolio.

SM Development Corporation is a subsidiary of SM Investments Corporation, a holding company with interests in shopping mall development and management, retail, real estate development, banking and tourism, founded by Henry Sy, number one on the Forbes list of the richest Filipino business people. The group has become one of the largest conglomerates in the Philippines.

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Reading Time: 2 minutes

Henry Sy, the Philippines’ richest man and owner of SM Group, wants to tap Gulf wealth for his property projects

SM Development Corporation, a property firm owned by the Philippines’ richest man, Henry Sy, is planning to open an office in Dubai to cater to the rising property demand of Overseas Filipino Workers living in the city and to offer prime real estate to foreign investors.

Reading Time: 2 minutes

Henry Sy, the Philippines’ richest man and owner of SM Group, wants to tap Gulf wealth for his property projects

SM Development Corporation, a property firm owned by the Philippines’ richest man, Henry Sy, is planning to open an office in Dubai to cater to the rising property demand of Overseas Filipino Workers living in the city and to offer prime real estate to foreign investors.

The company, one of the largest and  fastest growing real estate firms in the Philippines that is mainly engaged in condominium projects, said it recently saw a spike in the number of buyers from the United Arab Emirates and other Gulf Cooperation Council countries, according to a report in Dubai-based Gulf News.

From January to July 2012, SM Development registered over 1 billion pesos ($20 million) in sales to customers from these countries, the paper quoted Byron Ramos, an international property specialist in Dubai on behalf of SM Development.

He said that not only Filipino expats would increasingly buy property in their home country, but also foreign investors.

By law, foreigners cannot acquire land in the Philippines unless they set up a corporation or a partnership that is at least 60 per cent Filipino owned. Owning of houses or buildings is legal as long as the foreigner does not own the land on which the house is built. In the case of condominiums, foreigners can acquire condominium units and shares in condominium corporations up to 40 per cent of a Filipino owned or controlled condominium corporation.

SM Development currently holds the leading position in the number of condominium units built in the Philippines with more than 20 high-rise condominiums in its portfolio.

SM Development Corporation is a subsidiary of SM Investments Corporation, a holding company with interests in shopping mall development and management, retail, real estate development, banking and tourism, founded by Henry Sy, number one on the Forbes list of the richest Filipino business people. The group has become one of the largest conglomerates in the Philippines.

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