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MANILA - The SM Group is considering buying the government’s agri-industrial property in Taguig, which is also being eyed by other property developers.
“We are going to study it. There is a fifty-fifty chance [that we might join the bidding],” said Henry Sy, Jr., vice-chairman of the group’s listed holding firm SM Investments Corp., in a chance interview. But Mr. Sy said that as much as possible, the SM group did not want to be financially exposed. The 120-hectare Food Terminal, Inc. or FTI, estimated to cost P13 billion, is set to be bid out on Oct. 8 as part of privatization plans to help ease the government’s budget gap. More than 300 firms from light- to medium-scale industries have plants and facilities in the complex, said to be one of the largest in Metro Manila. These companies are engaged in electronics, food, transport, garments, and general warehousing.
Ayala Land, Inc. and San Mig-uel Properties, Inc. expressed interest in buying the property. The Sy family’s SM Investments is involved in five core businesses — retail merchandising, mall operations, property, banking, and hotel and leisure.
The company’s property business is under listed SM Development Corp., which as of June posted profits of P1 billion, much higher than the P10.3 million reported for the same period last year. The dramatic increase in profits was attributed to gains in the company’s investments in equities along with sustained growth in real estate operations.
The property arm has seven on-going projects: the fifth cluster of Chateau Elysee, a six-cluster mid-rise condominium pro-ject in Parañaque; Berkeley Residences on Katipunan Ave.; Grass Residences beside SM City North EDSA; Sea Residences near the Mall of Asia Complex in Pasay; Field Residences in Sucat, Para-ñaque and residential subdivisions Lindenwood Residences in Muntinlupa and Mezza Residences across SM City Sta. Mesa. Company shares did not move at P3.75 apiece on Friday.
Meanwhile, mall tycoon Henry Sy, Sr., the family patriarch, has increased his stake in listed Anchor Land Holdings, Inc., a property company that has found a niche market among Chinese-Filipinos residing in Manila.
Anchor Land vice-chairman Steve Li told reporters at the sidelines of the company’s stockholders’ meeting on Friday that Mr. Sy’s investment shows his confidence in the company.
Mr. Sy bought 34.67 million common shares representing 10% of the company’s total outstanding stock. The shares were bought from Anchor Land pre-sident Imelda Taneda Sze and stockholder Rena Obo Alvarez for P6.50 apiece, for a total purchase price of P221 million.
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