SM Prime betting big on low-cost housing
SM PRIME Holdings, Inc. expects its low-cost housing business to eventually account for half of the residential business, as the property conglomerate of tycoon Henry Sy, Sr. plans to start selling units at its maiden real estate venture in China next year.
Jose Mari H. Banzon, SM Prime business unit head for primary residential, told reporters last week the integrated property developer plans to start offering this year medium-rise buildings (MRB) and house-and-lot packages with prices ranging from P800,000 to as much as P2.5 million.
“Ultimately, the target is to be half-half: half from high rise [projects] and half from MRBs and house-and-lots, in terms of launches and contribution to revenue,” Mr. Banzon said.
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