SM Prime enters premium residential market in Philippines

SM Prime Holdings Inc. is entering the premium residential market in the Philippines. The company, known for its leadership in retail and mid-market residential developments, is setting up a new line focused on high-end properties. Jose Juan Jugo, a veteran in property development, will lead this initiative. Jugo believes the Philippine real estate market has shown strong resilience, even during economic challenges. He noted that the premium real estate segment remains robust despite various crises in the past. The market is expanding, and SM Prime sees opportunities to cater to discerning buyers. The younger generation of Filipino buyers is increasingly looking for premium properties with a focus on quality and wellness. Jugo highlighted that while the basic elements of quality and location remain critical, success in this segment will depend on attention to detail and excellent customer service. SM Prime aims to adapt and reinvent itself in this new venture, similar to how it has evolved its retail offerings over the years. The company plans to meet the demand for luxury living spaces and has begun developing initial projects, though details are still confidential. These upcoming projects are expected to include high-end residential towers and exclusive gated communities in prime areas of Mega Manila. Jugo is optimistic about entering this competitive market, which has been historically dominated by established players. He believes that with the right resources and focus on quality, SM Prime can make a significant impact in the premium real estate sector.