SM Prime 'exploring' high-end space, taps Federal Land

Michelle Ong, ABS-CBN News

Posted at Jul 05 2019 03:50 PM

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MANILA – SM Prime Holdings Inc is committed to serve the affordable property market while exploring opportunities in the high-end space, its chief financial officer said Friday.

SM Prime tapped Federal Land for a project involving a “very prime property” in Makati, CFO John Ong told ANC.

“We have a very prime property… We thought of realizing the value of this property by looking at exploring this particular project with Federal Land,” Ong said.

“It is rather exploratory, not really moving towards high-end, prime segment… We are in the affordable market. We continue to maintain our view towards the affordable segment,” he added.

When asked if SM Prime would soon offer real estate investment trusts or REITs, Ong said, the group was “interested.”