MANILA, Philippines - The settlement of the Ortigas feud between the country’s largest property names could only be a prelude to more SM-Ayala partnerships in the future.
So far, top executives of both SM Prime Holdings Inc. and Ayala Land Inc. have expressed their interest in joining forces for future developments.
In an interview Monday night, SM Prime president Hans Sy said the SM Group is looking forward to ironing out issues on previous clashes with the Ayalas.
Aside from the previous disputes, Sy said his group is also looking at embarking new projects with its former rival-turned-ally.
ALI president Bernard Vincent Dy, meanwhile, in an earlier interview also said the outcome of the battle over the Ortigas stake could “open up” more partnerships between the two in the future.
“This is a very first step which we are very happy. In fact, looking forward, this could be the first step of many alliances, agreements, or settlement,” Sy said.
“If it does well, (we are) looking forward for all issues, settlements, and even future joint venture projects,” he added.
SM Prime and ALI last Friday ended a tug-of-war over control of the Ortigas family’s holding firm.
The two property giants decided to enter into a partnership agreement with the Francisco Ortigas Group and the Rafael Ortigas Group to conclude more than two years of rivalry.
Aside from the Ortigas feud, the SM and the Ayala groups have also battled in the railway common station in Quezon City, the proposed Manila Bay reclamation, the SM Aura mall in Taguig and the Iloilo provincial capitol development.
The SM Group is also engaged in a heated competition in the retail industry with the Ayalas, as SM Malls compete directly with Ayala malls that include Glorietta, Greenbelt and Trinoma, among others.