This collaborative article with Ms. Sheila Viesca, Ph.D., of TalkShop, is a comprehensive series exploring the leading developers in the real estate industry. It focuses on the achievements and innovations of these developers, shedding light on their contributions to the real estate industry in the Philippines. Welcome to Part 9 of this comprehensive feature.
| Part 8 Rockwell Land Corporation | Part 10 Vista Land & Lifescapes, Inc. |
The Movers and Shakers in the World of Real Estate in the Philippines: Part 9
SM Prime Holdings, Inc.
One of the top developers in the Philippine real estate industry, SM Prime Holdings, Inc., registered on January 6, 1994, is located in the Mall of Asia Complex in Pasay City. SM Prime Holdings, Inc. is a subsidiary of the SM Investments Corporation and has a vast network of subsidiaries and affiliates, including Highlands Prime, Hotel Specialist Inc. – Manila, Cebu, Pico de Loro, and Davao, Premier Clark Complex, Supermalls Transport Services, and SMX Conventions Specialist Corporation, among others.
SM Prime Holdings’ developments include shopping centers, residences, offices, hotels, and convention centers. Making significant contributions to the real estate industry, SM Prime Holdings, Inc. has an extensive reach and innovative projects, becoming one of the largest conglomerates in the country.
Notable projects and developments
Shopping Centers
SM Prime Holdings, Inc., the most significant developer, operator, and owner of world-class malls in the Philippines, has undergone considerable development and expansion. Here are three notable projects and developments of SM Prime Holdings under the shopping centers category:
a. SM Mall of Asia Complex
Located in the commercial district of Pasay City, SM Mall of Asia is the largest shopping mall in the Philippines and one of the top 10 in the world. It has a gross floor area of 5,175,300 square feet / 480,800 meters square and houses over 600 shops and restaurants, including a cinema, an ice-skating rink, an IMAX theater, and an open-air activity area.
The mall also has an indoor amusement park, the SM by the Bay Amusement Park, which features thrill rides, food stalls, and entertainment shows. The team behind the design includes renowned architects from Arquitectonica, Willy Coscolluela, and Edge Design. SM Mall of Asia attracts millions of visitors, making it a top destination for local and international tourists.
b. SM Aura Premier
Situated in the commercial district of Fort Bonifacio Global City, SM Aura Premier is a remarkable architectural feat. This massive structure dominates the Taguig City skyline and combines a mall and office tower with 249,861 square meters of floor space. The name SM Aura Premier reflects its sophistication and elegance. Sustainable design is a priority, with features like a green roof, pollution and waste management systems, and a water treatment facility. It meets international green standards for efficient energy use.
SM Aura Premier offers an entertaining and cultural experience with its IMAX theater, alfresco dining Sky Park, Samsung Hall, Chapel of San Pedro Calungsod, and global brand stores. With ensured accessibility, it has 1,771 parking slots, including dedicated spaces for bicycles and disabled individuals. SM Prime Holdings’ shopping centers, including SM Aura Premier, set new industry standards.
c. SM Seaside City Cebu
Located in Cebu City, SM Seaside has a Gross Floor Area (GFA) of 470,000 square meters and is the third-largest mall in the Philippines. It features over 700 stores and restaurants, entertainment facilities such as a cineplex, a bowling center, and a skating rink. The mall also has a chapel, a convention center, and a giant Ferris wheel called the Sky Eye that offers a panoramic city view.
SM Seaside City Cebu’s unique design, which incorporates eco-friendly features like natural ventilation and green roofs, has earned recognition as one of the most sustainable malls in the country. The mall is also known for its iconic cube-shaped façade, which has become a landmark in the city.
Awards and recognition
SM Prime Holdings is a real estate conglomerate based in the Philippines and has garnered numerous awards and citations over the years. Here’s a list of some of their most notable awards and citations:
a. Asia’s Best Employer Brands 2023
SM Prime Group received recognition at this year’s Asia Best Employer Brand Awards held in Singapore. Prime Holdings, Inc., SM Supermalls, and SM Development Corporation (SMDC) received awards for their exceptional dedication to HR innovation at the awards ceremony. Being recognized at the Asia Best Employer Brand Awards is no small feat, as it signifies a dedication to innovative HR practices, programs, and processes. SM Prime’s company culture advocates diversity, collaboration, and innovation, driving the company forward in today’s fast-paced, ever-changing business world.
b. Best Managed Company 2022
In 2022, SM Prime Holdings was named the Most Outstanding Real Estate Company in the Philippines by Asiamoney, a financial magazine. The award recognizes companies with excellent management practices, financial performance, and corporate governance.
c. Galing Pook Awards 2021
Prime Holdings has collaborated with the Galing Pook Foundation and DILG-LGA to support the Galing Pook Awards 2021. The partnership promotes sustainable and disaster-resilient communities in the Philippines. The Galing Pook Awards recognize local governance practices that have produced positive results for communities. Through this collaboration, SM Prime continues to support initiatives focused on improving Filipino lives and building resilient communities. This partnership highlights the company’s commitment to social responsibility.
Over the years, SM Prime Holdings has received numerous awards and citations, recognizing its excellence in management, retail development, office development, sustainable design, and other areas. These awards highlight the company’s commitment to providing innovative and high-quality developments for its customers.
Leadership in Sustainability
Acknowledged for its sustainability initiatives, SM Prime Holdings’ energy-efficient designs, green building certifications, and waste management practices have received recognition from organizations such as the Urban Land Institute and the Asia Responsible Entrepreneurship Awards.
SM Prime prioritizes sustainability, focusing on the economy, people, environment, and community. The company promotes economic growth, invests in its people, and builds with sustainability principles, ensuring access to education, healthcare, and food security. SM Prime is a leader in sustainability practices.
Challenges and innovations
a. Urban Development
SM Prime Holdings has been at the forefront of urban development in the Philippines, facing land acquisition and urban planning challenges. The company has demonstrated its ability to transform vast areas into integrated and sustainable developments, contributing to the growth and improvement of urban landscapes.
b. Affordability and Inclusivity
SM Development Corporation (SMDC), a subsidiary of SM Prime Holdings, has focused on providing affordable housing options in key urban areas. By implementing flexible payment schemes and offering a wide range of unit sizes, SMDC aims to address the housing needs of different market segments.
c. Mixed Use Concepts
SM Prime Holdings has embraced the concept of mixed-use developments, creating vibrant spaces where people can live, work, and play. This innovative approach offers convenience and connectivity, promoting a balanced and integrated lifestyle.
SM Prime Holdings, Inc. and its subsidiary SM Development Corporation have played a significant role in the real estate landscape of the Philippines. With a focus on large-scale developments, commitment to sustainability, and dedication to meeting the housing needs of Filipinos, they continue to shape the country’s urban fabric and contribute to its economic growth.
SM Prime Holdings Inc., a leading real estate developer in Southeast Asia, has achieved strong financial performance with a net income increase of 49% in 2Q of 2023. The company’s revenue from malls (Php16.1 billion) and residential businesses (Php9.9 billion) has experienced a significant increase, with reservation sales reaching PHP68.5 billion in the first half of the year. SM Prime continues to drive economic growth by creating innovative and sustainable lifestyle cities, enhancing the quality of life for all. With a strong position, they can significantly contribute to regional economic growth, reinforcing their status as a player in the industry.
