Image courtesy of SM Investments Corporation

Sy family's SM Group expands in Muntinlupa with lot larger than Filinvest City

The Sy family conglomerate, SM Investments Corp., is taking over a metropolis-sized property in Muntinlupa, located in the southern portion of Metro Manila.

The owner of the country’s biggest shopping mall and bank said it will acquire about 261 hectares of land in Susana Heights, Muntinlupa, owned by Intercontinental Development Corp., one of its subsidiaries.

This is larger than the 244-hectare Filinvest City mixed-use development in Muntinlupa and is nearly four times bigger than its flagship Mall of Asia complex along Manila Bay. 

The land is valued at approximately P6.2 billion. SM will pay for the property by issuing 7.04 million new shares to Intercontinental Development at a price of P880.74 each.

Frederic C. DyBuncio
SM Investments President, CEO 

Based on recent filings, SM directly owns 97 percent of Intercontinental, with the remainder held through other entities.

The deal increases its landholdings for potential future developments.

The property is larger than the 184 hectares SM initially planned to acquire last August.

The conglomerate is seeking the Securities and Exchange Commission’s confirmation on the land valuation.

About the author
Miguel R. Camus
Miguel R. Camus

Miguel R. Camus has been a reporter covering various domestic business topics since 2009.

Featured News
Explore the latest news from InsiderPH
Thursday, 20 February 2025
Insight to the one percent
© 2024 InsiderPH, All Rights Reserved.