SMDC will soon develop more residential condominium towers after its recent acquisition of a seafront property located between the shopping complex of the Mall of Asia and the Solaire Resort and Casino.
According to a report from the Philippine Daily Inquirer, the transaction—worth at least P18 billion, or P180,000 per square meter was bought from UK-based investment fund Ashmore and its local partner Eric Recto. The 10-hectare prime parcel of reclaimed land —will give the real estate giant additional space on which to build residential condominium towers under the SMDC brand.
Speaking on condition of anonymity, an official involved in what is one of the biggest property deals in recent years said SM needed the property to “replenish its stock of condominiums” in the Manila Bay area due to the strong demand that has seen its current projects being taken up “almost 100 percent.”
“The demand for residential units in this area is so strong, including from Chinese buyers who have business interests in the country,” the official said.
The deal also marks the formal end of Ashmore’s involvement in the country in the private equity space, which started with a partnership with businessman Roberto Ongpin a decade ago and ended up in a divorce that saw both parties carving up a multibillion-peso business empire to settle the dispute said the report from the Philippine Daily Inquirer.
