SM Prime at 30: A legacy of innovation and shared prosperity
On July 23, SM Prime Holdings, Inc. proudly commemorated its 30th anniversary as a publicly listed company at the Philippine Stock Exchange, BGC, marking three decades of service and transformative growth in the Philippine real estate industry.
Founded in 1994 by the visionary Henry Sy, SM Prime has remained steadfast in its mission to develop world-class shopping, dining, entertainment, residential, and amusement destinations throughout the country and beyond.
Reflecting on the Journey
From the initial offering of four malls, SM Prime has expanded into a dominant force in Southeast Asia’s property sector. The company now has a multi-sector Philippine portfolio of 22 lifestyle cities that include 91 residential developments, 86 malls, 22 office towers, 10 hotels, and 8 convention centers.
This robust growth trajectory has been fueled by the trust and support of its investors and the flourishing capital market provided by the Philippine Stock Exchange.
Incorporated in January 1994, SM Prime has remained committed to shared prosperity.
Raising approximately PHP 5.89 billion (US$221 million) during its IPO, SM Prime is now one of the most active stocks in the Philippine market, alongside its parent company SM Investments Corp., and subsidiaries BDO and Chinabank.
Over the years, SM Prime has faced and overcome significant challenges, including the 1997 Asian financial crisis, the 2008 global financial crisis, and the recent COVID-19 pandemic. Despite these hurdles, the company has remained resilient, continuing to drive system growth.
Celebrating Successes, Together
On its 30th anniversary year, SM Prime is opening three malls: SM City Caloocan, SM City J Mall in Cebu, and SM City Laoag in Ilocos Norte.
This year also marks the start of the redevelopment and expansion of SM Megamall and ongoing projects at SM Mall of Asia, SM City Cebu, SM City Iloilo, and SM City Bacolod.
Additionally, SM Prime will enhance its Leisure Homes in Tagaytay and Batangas, establish new hotels with around 17,000 rooms, and continue developing mixed-use commercial buildings that combine office and retail spaces.
As a leading property developer in major Philippine cities, SM Prime continues to help Filipino communities thrive. With MSMEs making up 63% of its commercial tenants, SM Prime developments offer significant job and business opportunities through various support programs and job fairs, fostering economic growth for local enterprises and the LGUs.
This commitment to sustainable growth is a testament to the collective efforts of SM Prime’s shareholders, customers, business partners, and employees.
The steadfast support of shareholders has been a driving force behind SM Prime’s achievements, while the loyalty and trust of customers have inspired ongoing innovations.
The collaborative spirit of business partners has been instrumental in reaching new heights, and the dedication of SM Prime’s employees has been foundational to its continued success.
Looking Forward to a Sustainable Future
SM Prime is dedicated to continuously integrating sustainable practices across its operations, from energy-efficient building designs to comprehensive waste management programs.
SM Prime’s commitment to sustainability ensures that it maintains its positive impact on the environment and society, paving the way for a greener and more resilient future.
As SM Prime celebrates this significant milestone, it extends heartfelt gratitude to all forces who have been part of its journey. Looking ahead, the company is poised to further its growth and innovation, continuing its legacy of delivering exceptional value, enriching communities, and contributing to socioeconomic development as it aims for a more sustainable and prosperous Philippines.
SM Prime remains committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities, thereby enriching the quality of life of millions of people. For more information, visit SM Prime website. (PR)
