SM Development Corp., the residential arm of integrated property developer SM Prime Holdings Inc., will start exploring investment opportunities in Southeast Asia, a top executive said.
SMDC executive vice president Jose Mari Banzon said in a recent interview the company would start exploring investment opportunities in other Asean markets.
“That is our marching orders to start exploring opportunities outside China and Philippines. It is still very preliminary but we are now starting to look at other Asean markets” Banzon said.
Banzon said the company would look at countries with the same demographics and profile such as the Philippines.
“We need to have a bigger market. We will use formula, which has been successful. We want to do the same in countries with same demographics and profile like the Philippines. We will offer affordable units with nice amenities,” Banzon said.
Banzon said SMDC would consider joint venture partnerships to support the Asean expansion.
SMDC is currently building its first two residential towers in Chengdu, China. It is also exploring more sites in China where its parent firm SM Prime currently operates seven shopping malls.