Sy Jr. bares Gold City project across NAIA

MANILA, Philippines — SM Prime Holdings Inc., the Sy-owned integrated property developer, is developing one of its biggest projects to date, the Gold City, which will be a sprawling mixed-used estate across the Ninoy Aquino International Airport in Parañaque.

SM Prime chairman Henry “Big Boy” Sy Jr. said there would be many components including a residential segment developed by SM Development Corp., the property developer’s residential arm.

“It will be mixed use with residences and offices,” Sy said in an interview.

Sy said the estate would be developed across NAIA Terminal 1 in Parañaque and just a short drive from the Entertainment City and SM’s Mall of Asia.

The property developer is investing P6.9 billion for the project which would be deve-loped on a sprawling 11-hectare property, SM Prime president Jeffrey Lim told The STAR.

Lim said the Gold project would have 16 residential towers and five office buildings.

“We launched phase one this week with three residential towers with 15 floors in each tower,” Lim said.

The target completion date for phase one is the third quarter of 2024.

Gold City will be a master planned development with retail establishments, residential towers with hotel-like lobbies and high-grade finishes as well as transport hubs that will transport homeowners from the mixed use district to the airport terminals.

The residential towers will have low density because it will be mid-rise buildings given the height limitation in the area because of the proximity to the airport.

SM Prime continues to expand across different parts of the country, boosting its nine month income.

The company recorded an 18 percent growth in net income to P27.60 billion from P23.44 billion a year ago on consolidated revenue of P85.03 billion or a growth of 14 percent from P74.56 billion a year ago.

In the third quarter alone, the company raked in P8.30 billion in net income, up 22 percent from P6.82 billion of the previous year.

Third quarter revenue grew by 13 percent to P27.98 billion compared to the P24.79 billion recorded a year ago.

Lim expects the business to sustain the growth in the fourth quarter.

“Our core businesses, led by the malls and residential segments, are set to sustain the strong performance as we approach the fourth quarter of the year,” Lim said.

At present, SM Prime has 81 malls – 74 in the Philippines and seven in China.  The company has opened SM City Olongapo Central during the third quarter of the year and SM Center Dagupan last October. Its other core business is residential led by SMDC.

SM Prime’s other businesses are offices, hotels and convention centers through the Commercial Properties Group (CPG) and SM Hotels and Convention Centers.