SM’s residential property unit names new president

MANILA, Philippines — SM Prime Holdings Inc., the Sy-owned integrated property developer, announced yesterday the appointment of Jose Mari Banzon as president of SM Development Corp.

SM Prime president Jeffrey Lim said the move is part of the company’s plan to position SMPH for expansion in Southeast Asia.

“Banzon’s new position puts him at the forefront of SMDC’s aspiration to establish new markets in the Philippines and in Southeast Asia. His unique experience and broad outlook of an international executive and a global Filipino makes him well placed to lead SMDC moving forward,” Lim said.

Banzon takes on the position from his present role as executive vice president. He led the company’s growth, expanding its product portfolio into new real estate formats that span vertical and horizontal residential projects as well as commercial buildings and mixed-use developments.

“His determination to maximize the company’s operational efficiency and his drive to provide professional customer management solidified SMDC’s presence in the Philippines,” Lim said.

SM Prime believes that Banzon’s leadership guarantees the fulfillment of the group’s vision to uplift Filipinos’ lifestyle through modern, convenient and upscale yet affordable homes

SM Prime’s core businesses include malls, residential developments and commercial segments.

It reported a net income of P27.6 billion, up 18 percent year on year.