Sy family targets Singapore as next stage in Asia expansion
The SM group of bilyonaryo Henry Sy Sr. is looking to beef up its presence in Singapore as part of its expansion push in Southeast Asia.
BDO, the banking arm of Sy-led conglomerate SM Investments Corp., has a representative office in Singapore, located at the newly-constructed One Raffles Place.
The group, which has dominated the Philippine retail sector and steadily grown its presence in China in the past years, is now ready to break into new markets in Asia.
In interview with ANC’s Cathy Yang, SM Investments Corp. vice chair Teresita Sy-Coson said Singapore serves Henry Sy SM group is looking at Singapore for the next leg of its expansion.
She didn’t say whether this would be a mall or a bank.
“As soon as the Singapore government will give us a license, they have already approved provisionally so we’re looking into the final approval,” Sy-Coson said.
The group through its property arm SM Prime Holdings has 65 shopping malls in the Philippines and seven in China with a GFA of 8 million square meters and 1.3 million sqm, respectively. It will open two new malls before the end of the year, namely SM Center Lemery in Batangas and SM Center Pulilan in Bulacan, which will bring its provincial malls to 44 from 38 in 2016.