SM clarifies news on Batangas proj

SM Investments Corp. (SM) said that the company and its subsidiaries are not forging any agreement with Fil-Estate Land, Inc. (FELI) for the joint development of Nasugbu Harbor Town.

SM made the clarification in a disclosure to the Philippine Stock Exchange (PSE) the other day (Nov. 17, 2008) in response to the news articles that appeared two days ago in various newspapers.

“Currently, SM, through its subsidiary, Costa del Hamilo, is focused on developing Hamilo Coast which has 13 coves in Nasugbu, Batangas. The first project in Hamilo is Pico de Loro Cove, which is a mixed-used project consisting of residential condominiums, a beach and country club and a hotel facility. Pico de Loro is one of several resort communities that will be developed in the SM property” SM said in its disclosure.