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MOA Complex in PasaySM Prime Holdings Inc. (SM Prime) is setting its sights on the premium residential market after posting a record-breaking financial performance in 2024.
SM Prime announced a historic net income of P45.6 billion, up 14% from the previous year, as consolidated revenues climbed 10% to an all-time high of P140.4 billion, based on the company’s FY2024 report. The residential segment contributed 34% of SM Prime’s record revenues, demonstrating resilient performance despite challenges from elevated inflation and interest rates.
“Our strong performance in 2024 provides a solid foundation for future growth,” said SM Prime President Jeffrey C. Lim. “With several key projects in development, we are well-positioned to build on this momentum.”
One of these key projects in development is a new premium brand under its SM Residences business line. In November, SM Prime revealed plans to expand its residential portfolio to include high-end horizontal and vertical principal homes, complementing its existing economic, mid-range, and leisure residential offerings.
Set to launch this year, the premium brand’s first upscale primary residential project is a master-planned subdivision designed with a strong focus on sustainability, convenience, and community.
Jose Juan Jugo, Executive Vice President and Head for the coming premium residential line under under the SM Residences portfolio.“We’re creating spaces that embody refined living—designed for distinction, built for generations and masterfully planned for everyday ease,” shared Jose Juan Jugo, Executive Vice President and head for the coming premium residential line under the SM Residences portfolio.
The Podium in MandaluyongThis vision is shaped by SM Prime’s deep understanding of the Philippine property market, honed through decades of experience across various business segments. With 87 malls, 22 office towers and more than 185,000 residential units launched, SM Prime has consistently anticipated and met the evolving needs of Filipino consumers.
S Maison in PasayBuilding on the success of its high-end commercial developments such as SM Aura, S Maison, The Podium, Mega Tower and Conrad Hotel—SM Prime is well-positioned to expand its product offering to the upscale market through its premium residences.
SM Prime’s upscale primary homes aim to blend timeless architectural design with modern innovation, creating elegant and enduring spaces. The company’s commitment to quality craftsmanship, attention to detail and customer service ensures that each residence meets the highest standards of high-end living.
This strategy aligns with insights and data referenced from Colliers Philippines’ 2024 Q4 Property Market Report, which identifies opportunities in the pre-selling market, particularly in the upscale and luxury segments. The firm notes that horizontal projects, including house-and-lot and lot-only developments, remain attractive. Colliers advises developers to prioritize these segments, where demand remains relatively stable despite broader market challenges.
