SM Prime

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SM Prime Holdings, Inc. (SMPH) is an integrated property developer and a subsidiary of SM Investments Corporation. It was incorporated on 6 January 1994 to develop, conduct, operate and maintain the SM commercial shopping centers and all businesses related thereto, such as the lease of commercial spaces within the compound of shopping centers. It went public on July 5, 1994, and subsequently grew to become the largest company listed on the Philippine Stock Exchange in terms of revenue. The company's main sources of revenues primarily include rental income from mall and food courts, as well as from cinema ticket sales and amusement income.

SM Prime Holdings, Inc.
TypePublic
PSESMPH
IndustryProperty, shopping malls and retailing
FoundedManila, Philippines
1958; 63 years ago (1958)
FounderHenry Sy
HeadquartersPasay City, Philippines
Number of locations
72 malls
2,303 stores nationwide
48 SM Supermarkets, 44 SM Hypermarkets, 156 Savemore stores, 39 WalterMart stores, 210 Alfamart stores, and 1,749 specialty stores[1][2]
Area served
Philippines
China
Guam
Key people
Henry Sy Jr. (Chairman)
Jose L. Cuisia, Jr. (Vice Chairman)
Jeffrey C. Lim (President)
ParentSM Investments
WebsiteSM Prime Holdings

HistoryEdit

 
SM City North EDSA, the first SM Supermall, opened in 1985.

The roots of SM date back to the 1950s when entrepreneur Henry Sy, Sr. established a shoe store at Carriedo Street in Quiapo, Manila. His store was established as ShoeMart, which was originally located at Carlos Palanca Sr. Street. His aggressive and adamant strategy helped him gain large profits within a few years and he later expanded his business to become a fully functioning department store named ShoeMart, which specializes in the sale of shoes, the sector of which the store originally was. ShoeMart was abbreviated into SM, the name which became commonly known by the locals. The abbreviation SM has become an orphan initialism. The first ShoeMart outlet was abandoned and the department store moved to a new site along the nearby Carriedo Street. The old site was demolished in 1982 and was turned into its Clearance Outlet.

The first SM Mall, the SM City North EDSA, was opened in 1985. Followed by the establishment of a second mall, the SM Centerpoint, in 1990. Since then, the company has expanded by establishing malls nationwide.

On May 17, 2013, SM opened the SM Aura Premier. The same year, the company announced a merger with SM Land, which owns SM Development and Commercial Properties Group. As a result, upon approval by Securities and Exchange Commission, SM Prime is one of the largest property companies in the Southeast Asia region, competing with Gokongwei-led Robinsons Land (which owns Robinsons Malls and Tan-led Megaworld Corporation).[3]

SubsidiariesEdit

SM SupermallsEdit

SM Supermalls is a chain of shopping malls with over 60 malls in the Philippines, and seven in China. According to the company, the malls attract an average foot traffic of 3.5 million daily and has over 5,000 tenant partners.[4]

SM Development CorporationEdit

SM Development Corporation (SMDC) is a wholly owned subsidiary and the real estate arm of SMPH. SM Development Corporation commits itself to providing access to luxurious urban living through vertical villages perfectly integrated with a commercial retail environment, giving its residents access to a truly cosmopolitan lifestyle.

Properties of SM Development Corporation are strategically situated in key areas across Metro Manila specifically the Central Business Districts of Mall of Asia Complex, Makati, Ortigas, Taguig, Quezon City, Manila, Pasay, Parañaque and Las Piñas.

They can also be easily accessed from neighboring provinces like Cavite, Bulacan, Pampanga, Iloilo and Bacolod. [5]

Back in 2020, SMDC bagged the most-coveted Best Developer of the Year award in the annual PropertyGuru Asia Property Awards[6] alongside other recognitions

SM Development Corporation 8th PropertyGuru Asia Property Awards Recognitions[7]
Best Developer Winner SMDC
Best Lifestyle Developer Winner
Special Recognition in CSR Winner
Best Condo Development (Luzon) Winner Park Residences
Best Mid-End Condo Development (Metro Manila) Winner Charm Residences
Best Condo Architectural Design Winner Sail Residences
Best Landscape Architectural Design Winner
Best Lifestyle Development Winner Fern at Grass Residences
Best Affordable Condo Development (Metro Manila) Highly Commended Bloom Residences
Highly Commended Vine Residences
Highly Commended Fern at Grass Residences
Highly Commended Field Residences Building 5 and 6
Best Condo Architectural Design Highly Commended S Residences
Best Condo Development (Luzon) Highly Commended Hope Residences
Highly Commended Green 2 Residences
Best Condo Development (Visayas) Highly Commended Style Residences
Highly Commended Smile Residences
Best Condo Interior Design Highly Commended S Residences
Highly Commended Sail Residences
Highly Commended Shore 3 Residences
Best High-End Condo Development (Metro Manila) Highly Commended S Residences
Best Landscape Architectural Design Highly Commended S Residences
Best Lifestyle Development Highly Commended Sail Residences
Highly Commended S Residences
Best Mid-End Condo Development (Metro Manila) Highly Commended Leaf Residences

ReferencesEdit

  1. ^ "Annual report" (PDF). www.bdo.com.ph. 2016. Retrieved 2019-09-29.
  2. ^ [1][dead link]
  3. ^ SEC approval of amendment to Plan of Merger bet. SMPH and SM Land - PSE.com.ph
  4. ^ "About SM Supermalls". SM Supermalls. Retrieved January 22, 2019.
  5. ^ https://smdc.com/about-us/
  6. ^ https://www.asiapropertyawards.com/en/smdc-wins-big-at-the-8th-propertyguru-philippines-property-awards/
  7. ^ "See Who Emerged Victorious at the 8th PropertyGuru Awards". BluPrint. 2020-12-15. Retrieved 2021-03-01.