PROPERTY developer SM Prime Holdings, Inc. said its premium residential brand Signature Series by SM Residences plans a luxury Makati project, targeting a possible launch in the first half of 2027 amid strong demand from high-net-worth buyers.
“We may be able to launch by the first half of 2027 if things go as planned. There are many moving parts at this point, and it is still quite early to say that things will go in a particular way,” SM Prime Executive Vice-President and Signature Series Group Head Jose Juan Z. Jugo said at a recent virtual briefing.
Mr. Jugo said this as Signature Series is finalizing talks with an unnamed local strategic partner for the planned luxury development that will sit on a one-hectare land in Makati City.
“Makati properties are not very big because of scarcity. What we’re talking about is less than one hectare. With regard to this particular project, we want to take our time in planning the project in the best way possible. And because of that, the planning might take several months,” he said.
“We’ve looked for the best possible partner for this property. We’ve come down to a potential partner that is locally based. We feel that this partner will bring a very good partnership with us because of the longevity they’ve had in the local market and the presence they’ve had in the market we want to penetrate,” he added.
Mr. Jugo said the company is pursuing the Makati project amid strong demand from high-net-worth individuals and families.
“If we study the residential market in the Philippines, we see that the space for premium primary residential has not yet been addressed to its best capacity. Signature Series is entering this space to make a new mark, harnessing SM’s strong organization, resources, and commitment,” Mr. Jugo said in a separate statement on Thursday.
Last month, SM Prime earmarked an initial P25 billion in capital expenditure for the first project of Signature Series that will feature the development of a 284-hectare property in Muntinlupa City.
The project will feature residential clusters, neighborhood retail, civic spaces, pocket parks, and an ultra-luxury village.
SM Prime shares dropped by 1.26% or 30 centavos to P23.50 per share on Thursday. — Revin Mikhael D. Ochave
