SM Prime reports 70% unit take-up at Hamilo Coast

COSTA DEL HAMILO, Inc. (CDHI), a subsidiary of listed SM Prime Holdings, Inc., has sold around 70% of units in its Hamilo Coast development in Batangas amid sustained demand from the upscale market, a company official said.

“We had experienced a 15% increase in reservation sales in peso terms as compared to prior years,” SM Prime Chief Finance Officer John Nai Peng C. Ong said at a Nov. 10 briefing.

“Now, if we look in terms of the number of units, we have already sold around 70% of our available inventory, and we are working on the remaining 30%. That’s why M Village is there to sustain that momentum.”

SM Prime invested P3 billion to develop M Village, the first residential community in Marina Estates, a beachside resort within Hamilo Coast. The first phase of the 12-hectare (ha) project offers more than 170 residential lots.

M Village units are scheduled for turnover by 2028, the company said.

SM Prime targets the upscale leisure residential market seeking an exclusive, low-density community with sustainable design.

“M Village is a unique property because it combines upscale coastal living with seamless access to both nautical adventure and nature,” Shirley C. Ong, executive vice-president and business unit head of SM Leisure Resort Residences, said in a statement.

Over 60% of the estate is allocated to open spaces and natural systems, with more than four hectares dedicated to shared amenities, including a clubhouse, bi-level pools, a rain garden, family parks, an esplanade, and a lawn for gatherings.

The company engaged Wimberly Allison Tong & Goo (WATG) Singapore as concept planner.

The firm has designed leisure properties including Regent Bali Canggu in Indonesia, Nobu Residences Los Cabos in Mexico, and several Four Seasons properties.

Joel Luna Planning & Design served as the master planner for the community.

“Their involvement positions M Village as a community built to global standards, with a premium aesthetic that aligns it with the world’s most distinctive coastal destinations,” the company said.

SM Prime reported an 8% year-on-year increase in third-quarter (Q3) net income to P12.8 billion. Its residential segment, covering core and leisure projects, contributed P32.6 billion, down 2% from P33.1 billion a year earlier.

At the local bourse on Tuesday, SM Prime shares fell 3.81% or 85 centavos, closing at P21.45 apiece. — Beatriz Marie D. Cruz