Philippines’ largest developer created

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henry sy
Philippine billionaire Henry Sy is restructuring his real estate business

Manila-based SM Investments, one of the Philippines’s largest business conglomerates owned by billionaire Henry Sy and his family, on May 31 announced in a filing to the Philippine Stock Exchange that it will merge all its real estate assets, creating the country’s largest property development groups.

Trading of SM Investments was halted earlier on the day and a briefing was given at around 1pm Manila time.

The company then announced that it will consolidate all its property-related businesses under SM Prime Holdings, the Philippines’ leading shopping mall owner and operator.

SM Development Corp, a residential developer in the Philippines and Highlands Prime Inc., a developer of high-end residential properties within Tagaytay Highlands, and SM Land Inc. will be merged with SM Prime.

“The consolidation is intended to create an integrated real estate company, which will allow the merged entity to undertake larger scale projects with the participation of all of its business units,” the company filing said.

The merged company will be the largest integrated property developers in the Philipinnes and one of the largest in ASEAN with offerings spanning across diverse sectors of mall, office, residential, hotel and leisure development. It said it will “move further into the development of lifestyle cities, which may be variants of the highly successful Mall of Asia complex [in Metro Manila].”

 

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[caption id="attachment_9694" align="alignleft" width="300"] Philippine billionaire Henry Sy is restructuring his real estate business[/caption] Manila-based SM Investments, one of the Philippines's largest business conglomerates owned by billionaire Henry Sy and his family, on May 31 announced in a filing to the Philippine Stock Exchange that it will merge all its real estate assets, creating the country's largest property development groups. Trading of SM Investments was halted earlier on the day and a briefing was given at around 1pm Manila time. The company then announced that it will consolidate all its property-related businesses under SM Prime Holdings, the Philippines' leading shopping...

Reading Time: 1 minute

henry sy
Philippine billionaire Henry Sy is restructuring his real estate business

Manila-based SM Investments, one of the Philippines’s largest business conglomerates owned by billionaire Henry Sy and his family, on May 31 announced in a filing to the Philippine Stock Exchange that it will merge all its real estate assets, creating the country’s largest property development groups.

Trading of SM Investments was halted earlier on the day and a briefing was given at around 1pm Manila time.

The company then announced that it will consolidate all its property-related businesses under SM Prime Holdings, the Philippines’ leading shopping mall owner and operator.

SM Development Corp, a residential developer in the Philippines and Highlands Prime Inc., a developer of high-end residential properties within Tagaytay Highlands, and SM Land Inc. will be merged with SM Prime.

“The consolidation is intended to create an integrated real estate company, which will allow the merged entity to undertake larger scale projects with the participation of all of its business units,” the company filing said.

The merged company will be the largest integrated property developers in the Philipinnes and one of the largest in ASEAN with offerings spanning across diverse sectors of mall, office, residential, hotel and leisure development. It said it will “move further into the development of lifestyle cities, which may be variants of the highly successful Mall of Asia complex [in Metro Manila].”

 

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