SM Prime marks entry into luxury residences

MANILA, Philippines — SM Prime Holdings Inc., the integrated property developer of the SM Group, is closing in on a strategic partner for a prime development in Makati that will form part of the company’s foray into the premium residential market under its newly launched brand called Signature Series.

“We are forging a very strategic partnership for a property in Makati, details of which will be disclosed in the proper time,” SM Prime executive vice president Jose Juan Jugo said during the Signature Series by SM Residences launch yesterday.

The SM Group is expected to jointly develop a 6,000-square-meter prime property with a key player in the luxury residential space.

Situated in one of Makati City’s upscale neighborhoods, the planned development will bring Signature Series in one of the most established luxury enclaves in the country.

“We see a sustained demand from high net worth individuals and families. Signature Series, in partnership with a key player in the luxury residential space, is set to deliver on the premium living requirements that these discerning individuals are looking for,” Jugo, who also serves as Signature Series group head, said.

SM Prime’s expansion into premium primary residential is seen as a natural progression given its extensive experience in creating upscale environments through its mall developments, office buildings, hotels and leisure properties.

Its entry into the segment will also enable the company to serve every segment of the market – from economic housing all the way to ultra-luxury residences.

“If we study the residential market in the Philippines, we see that the space for premium primary residential has not yet been addressed to its best capacity. Signature Series by SM Residences is entering this space to make a new mark, harnessing SM’s strong organization, resources and commitment,” Jugo said.

SM Prime has initially tagged over 400 hectares of existing prime land for Signature Series developments, with more than 300 hectares located within Metro Manila.

The remaining sites are strategically distributed across key regions.

Expected to be among the first to break ground is SM’s 284-hectare landbank in Susana Heights, Muntinlupa.

Signature Series is investing an initial P25 billion to develop residential clusters, neighborhood retail, civic spaces and pocket parks in Susana Heights.

Other locations for Signature Series projects will be located in Manila, Pasay, Parañaque , Taguig, Cebu City, Cavite and Batangas.

“One very promising aspect in the organization is the raw material is there, the land is there, nationwide. It’s just a matter of us selecting the best properties available in our portfolio to develop into high-end primary residential communities. The opportunities are immense,” Jugo said.

Signature Series by SM Residences will offer a diverse range of residential products covering entry-level premium with prices starting at about P15 million, upscale with costs starting at P25 million and the luxury and ultra-luxury which cost P65 million and above.

SM Prime said that Signature Series would take a future-facing approach by blending the best of purposeful design, innovation and the group’s principles of accessibility and integration.