Sy family scooping up properties to build Manila’s new urban township
The most successful businessmen and investors who have amassed the most wealth have always been ahead of the curve.
The family of the country’s richest man, Henry Sy Sr. is aggressively acquiring and building standout properties to stay ahead of the game as the battle for prime assets intensifies.
Property arm SM Prime Holdings Inc. has acquired the former site of the Casino Filipino for P6 billion, the Philippine Daily Inquirer reported. The 11-hectare property will be converted into a residential enclave.
Negotiations are also ongoing for the purchase of a 10-hectare parcel of reclaimed land near the Mall of Asia complex and Solaire Resort and Casino from the Ashmore group. The deal is seen to get a P20 billion price tag.
Apart from this, SM Prime is looking to acquire a total of 1,200 hectares of reclaimed land along Pasay and Paranaque on which it plans to make the next Hong Kong or Singapore.
SM Prime remains on the lookout for opportunities to expand its land bank and rental portfolio to sustain growth.