SM in final talks with local partner for premium development in Makati

MANILA, Philippines — SM Prime Holdings Inc. of the Sy family is finalizing a strategic partnership with an experienced local player for a landmark development in Makati under its newly launched premium primary residential brand Signature Series by SM Residences.

“We’ve looked for the best possible partner for this property and we’ve come down to a potential partner that is locally based. We feel that this partner will bring a very good partnership with us, because of the longevity they’ve had in the local market and the presence they’ve had in the market we want to penetrate,” SM Prime executive vice president and Signature Series group head Jose Juan Jugo said.

Located in an upscale enclave, this planned property places Signature Series in one of the most desirable luxury residential areas in the country.

“There are many properties in Makati that the company owns but we focused on one particular property that is quite interesting for a very high-end development and we feel that his potential partner we’re speaking with will bring in the best value into that partnership,” Jugo said.

Jugo said the project would be developed in a less than one hectare property in Makati.

He said the project is currently in the very initial stages of planning, but noted that a mixed-use development could be a possibility.

“We’re tossing ideas with one another now – this potential partner and us – and potentially, yes, it’s possible that we will do mixed-use development, but primarily we perceive to be basically a dominantly residential product, probably with some very upscale retail,” Jugo said.

Jugo said the Signature Series group wants to take its time in planning the Makati project in the best way possible.

“And because of that, the planning might take several months and hopefully we will be able to launch by the first half of 2027 if things go as planned,” he said.

“There are many moving parts at this point and it’s still quite early to say that things will go in a particular way. But what is definite is that both potential partners have committed to try their best to make this work and to make this partnership a very fruitful one,” he said.

SM Prime last month announced its foray into the premium residential market through the Signature Series brand.

The company’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.

“We see strong 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 said.

Signature Series is also 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.