SM-ALI Group consortium win $221.6m bid for property development in PH

Visual from Ayala Land homepage

The SM-ALI Group, a consortium formed by two rival property giants in the Philippines, secured the winning bid of $221.6 million (P10 billion) for a portion of the South Road Properties (SRP) in Cebu City.

Formed by SM Prime Holdings Inc with Ayala Land Inc (ALI) and its affiliate Cebu Holdings Inc (CHI), the consortium won the bid to co-develop the 26-hectare Lot No. 8-B-1 at SRP pursuant to a joint master plan.

“With the resources and expertise of these real estate companies, this newest development at the SRP is planned as another showcase of integrated, master planned and sustainable developments that will bring in more investments and jobs for the local economy,” ALI said in its statement, noting the consortium benefits from the combined financial muscle, technical expertise and the real estate experience of SM and the ALI Group.

Also read: Ayala Land raises $356m in private placement

ALI-affiliate CHI brings in its local expertise in the consortium, having developed two of Cebu’s most prime business and lifestyle districts – the Cebu Business Park and the Cebu IT Park. Its master planned estates are the preferred locations for traditional office, BPO office and shopping center leasing.

SM Prime, incorporated in 1994, is one of the largest integrated property developers in
Southeast Asia that offers innovative and sustainable lifestyle cities with the development of malls, residences, offices, hotels, and convention centers.

Also read: SM Prime, Solar forge $20m VOD biz in PH

Ayala Land, meanwhile, is a leading diversified property developer in the Philippines that created large-scale, integrated, mixed-use communities around the country, such as the Makati Central Business District, Bonifacio Global City and Nuvali in Laguna. It continues to increase its footprint by building estates in different regions nationwide.

SM Prime’s last trading price increased 0.71 per cent or P0.140 to close at P19.98.

CHI likewise increased its final trading price at 1.98 per cent or P0.100 to reach P5.16.

However, ALI’s last trading price dropped 0.93 per cent or 0.350 to close at P37.30.

Also read:

PH based real estate co Ayala Land acquires Aegis in a $9.7m share buyout

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.