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SMDC to launch low-cost condos projects in May, Great Innovation SM
Tuesday, April 27, 2010 SM Development Corp. (SMDC), the listed middle income property developer of tycoon Henry Sy, is joining the low-cost housing bandwagon as it bared a plan to offer condominium units priced P1.1 million and below. It is a nice surprise to find SM is going into low cost condo development and the public and overseas contract workers will apprciate centrally located condos low priced near SM malls. How many more 5 star condos does the country need? OFW and retirees want low priced condos not 5 star even if developers love the big margins on 5 star condos! More power to SM and to middle class development. BUT WHY HAVEN'T THEY STARTED THE HOUSING DEVELOPMENT IN CEBU SEASIDE TOO? WE WANT IT NOW! THE REAL ESTATE IS BOOMING
iMAX to finally hit SM Cebu this summer
(The Freeman) Updated February 19, 2010 CEBU, Philippines - Whether the Cebu market is ready or not, SM City Cebu is bent on bringing in the iMax technology here this summer. Continue reading here http://www.philstar.com/Article.aspx?articleId=550949&publicationSubCategoryId=108
Other SM News
Other SM News
SM to open 20 Philippine stores this year mostly SaveMore
ABS-CBN News 01/22/2010 MANILA, Philippines - The retail unit of Sy-led SM Group is planning to spend up to P2 billion this year to put up 20 new stores.
Robert Kwee, executive vice president of SM Hypermarket, said bulk of the new stores would be SaveMore outlets, and will be located in different parts of the country.
SaveMore is a stand-alone supermarket, which usually caters to the lower-end segment of the market. Continue reading here http://www.abs-cbnnews.com/business/01/22/10/sm-retail-unit-open-20-stores-year
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Robert Kwee, executive vice president of SM Hypermarket, said bulk of the new stores would be SaveMore outlets, and will be located in different parts of the country.
SaveMore is a stand-alone supermarket, which usually caters to the lower-end segment of the market. Continue reading here http://www.abs-cbnnews.com/business/01/22/10/sm-retail-unit-open-20-stores-year
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SM Prime to invest P20B in Cebu property ........Cebu Residents are excited
Thursday, 14 January 2010 Via Business Mirror THE Cebu City government on Thursday signed an agreement with SM Prime Holdings Inc. for the outright sale of 30 hectares of the reclaimed South Road Properties (SRP), marking the official start of an estimated P20-billion investment by the company in the property for the next eight years.
SM Prime president Hans Sy said they will build a new mall that should be among the top 10 biggest malls in the world, a convention center and a chain of sky-rise hotels and condominium buildings. Two to five years following the completion of the mall, Sy said the company will put up a high-rise residential project, a school and a hospital. He said the whole development will be completed in eight years.
Although the contract with the city stipulates SM to build within 18 months, Sy said construction work will commence by the middle of 2010 for the 250,000-square-meter mall and the 60,000 square-meter convention center.
Continue reading here http://businessmirror.com.ph/home/regions/20931-sm-prime-to-invest-p20b-in-cebu-property.html
SM Prime Holdings president Hans Sy turns over to Cebu City Mayor Tomas Osmeña the initial payment of P406 million for a portion of SRP to the city government as other city and SM officials look on following the signing of the agreement yesterday. CYRIL CAMPOREDONDO
Read more at these links just click the titles below
SM Prime president Hans Sy said they will build a new mall that should be among the top 10 biggest malls in the world, a convention center and a chain of sky-rise hotels and condominium buildings. Two to five years following the completion of the mall, Sy said the company will put up a high-rise residential project, a school and a hospital. He said the whole development will be completed in eight years.
Although the contract with the city stipulates SM to build within 18 months, Sy said construction work will commence by the middle of 2010 for the 250,000-square-meter mall and the 60,000 square-meter convention center.
Continue reading here http://businessmirror.com.ph/home/regions/20931-sm-prime-to-invest-p20b-in-cebu-property.html
SM Prime Holdings president Hans Sy turns over to Cebu City Mayor Tomas Osmeña the initial payment of P406 million for a portion of SRP to the city government as other city and SM officials look on following the signing of the agreement yesterday. CYRIL CAMPOREDONDO
Read more at these links just click the titles below
SM Cebu stools are PAINFUL for SENIORS ELDERS to use!
I had the occasion over Christmas to attend a nice University of the Visaya's Christmas concert on Christmas Eve at SM Cebu. There were a number of older seniors in attendance at this concert in the main lobby of the new west wing.
But in the newspaper ads there were no times listed and this is a big problem and when we arrived no one seemed to know when the concert would begin and there were no signs giving the details. All public releases should always include approximate times for activities please. We arrived at 3pm and waited until 6 pm when it did finally begin.
I know Henry Sy has made great efforts to make his malls friendly to handicapped and senior citizens but these black backless stools were not included in this effort evidently. Yes it looks very architecturally correct but it is not practical for seniors who need extra support on the back . I put my stool against a support pillar to provide the support my curving old back needed hehe.
A more practical solution that SM should adopt as many quieter music events attract the older senior population, would be to use regular plastic chairs with backs as many malls do already. There are workers there already to set up and take down as they took the stools away before the concert to the other end for a children's activity and then returned them afterwards but the stools could have been used for the children's activitiy and the plastic chairs for the concerts please!
The concert was very enjoyable and UV just won at the Manila CCP awards 2009: A great year for the UV Chorale Watch them also on YouTube at another concert
http://www.youtube.com/watch?v=0t1fBzAFaR0&feature=player_embedded
Thanks SM for sharing with us.
But in the newspaper ads there were no times listed and this is a big problem and when we arrived no one seemed to know when the concert would begin and there were no signs giving the details. All public releases should always include approximate times for activities please. We arrived at 3pm and waited until 6 pm when it did finally begin.
I know Henry Sy has made great efforts to make his malls friendly to handicapped and senior citizens but these black backless stools were not included in this effort evidently. Yes it looks very architecturally correct but it is not practical for seniors who need extra support on the back . I put my stool against a support pillar to provide the support my curving old back needed hehe.
A more practical solution that SM should adopt as many quieter music events attract the older senior population, would be to use regular plastic chairs with backs as many malls do already. There are workers there already to set up and take down as they took the stools away before the concert to the other end for a children's activity and then returned them afterwards but the stools could have been used for the children's activitiy and the plastic chairs for the concerts please!
The concert was very enjoyable and UV just won at the Manila CCP awards 2009: A great year for the UV Chorale Watch them also on YouTube at another concert
http://www.youtube.com/watch?v=0t1fBzAFaR0&feature=player_embedded
Thanks SM for sharing with us.
SM Prime eyeing offshore real estate fund for malls in China
From Bworldonline: Sy-led SM Prime Holdings, Inc. is considering putting the assets of its Hong Kong-based property unit under a Chinese real estate investment trust (REIT) to solidify its overseas market presence.
AN Artist’s rendition of the SM mall in Chengdu -- www.smcity.cnThis is an alternative to an offshore public listing, an option which the country’s largest mall operator is also studying.
“The [company’s plan] in China is that once we get a good number of malls and the condition is still good, we can either do an initial public offering (IPO) or a REIT offering,” Mr. Sio said.
“In China, if you do an IPO or REIT, you can sell as high as 25 times of your capital. [Here in the Philippines,] it is only 14 or 15 times. So the upside potential in China is huge,” Mr. Sio said.
Continue reading here http://www.bworldonline.com/main/content.php?id=3413
SM Investments on track to hit profit target
http://www.gmanews.tv/story/179638/sm-investments-on-track-to-hit-profit-target
SM Investments sees over P15-billion income this year
AN Artist’s rendition of the SM mall in Chengdu -- www.smcity.cnThis is an alternative to an offshore public listing, an option which the country’s largest mall operator is also studying.
“The [company’s plan] in China is that once we get a good number of malls and the condition is still good, we can either do an initial public offering (IPO) or a REIT offering,” Mr. Sio said.
“In China, if you do an IPO or REIT, you can sell as high as 25 times of your capital. [Here in the Philippines,] it is only 14 or 15 times. So the upside potential in China is huge,” Mr. Sio said.
Continue reading here http://www.bworldonline.com/main/content.php?id=3413
SM Investments on track to hit profit target
http://www.gmanews.tv/story/179638/sm-investments-on-track-to-hit-profit-target
SM Investments sees over P15-billion income this year
Using 'Shoe Mart' name in vain
Cito Beltran The Philippine Star December 14, 2009 Imagine “Santa Claus” being Mega Mauled.
Imagine some talent scouts “ripping off” a four-year old’s face. Imagine people using the “Shoe Mart” name in vain.
Through the years we have all associated the brand “Shoe Mart” or “SM” with professionalism and good business practice.
I personally have expressed my admiration of how the Sy family and the SM group conduct themselves to the point that I previously suggested that we ought to let the SM group build our international airports and facilities because they certainly know how to build things and operate them efficiently.
Unfortunately, size and success comes at a price.
It seems that certain individuals who have contacts or links with promoting events and thematic campaigns for the SM chain of malls, think that size and success is license to misrepresent the SM group and take advantage of “foreigners” or a four-year old.
Apparently some talent scouts associated with some advertising supplier for the Shoe Mart chain have been hiding behind the Mega Mall while stealing the faces of unsuspecting individuals.
In one case, a male foreigner was approached by some talent scouts and asked if he wanted to join in a “photo shoot” where they were searching for Shoe Mart’s Santa Claus. The foreigner thought nothing of it and went along with the invitation. He was told that if his face passed the screening, he would be advised. In the mean time he was paid a minimal fee for his time and participation in the photo shoot.
No calls came and so the foreigner thought nothing of it. One day he returned to “the scene of the crime” to go shopping. It was then he took notice of how his face or portions thereof were on certain Santa Claus promotional items displayed inside his favorite mall.
The guy was understandably upset at this attempt to “pirate” his physical trademark without so much as a “by your leave” or a plain and simple “thank you”. In his desperation, said foreigner “went to town” to bring this deceitful act to members of media.
When I saw the segment on Ben Tulfo’s “Bitag-Live” on UNTV, I simply shook my head in disbelief that some people can be so stupid in thinking that they could get away with the crime because their victim is a “foreigner” who won’t be staying long in the Philippines. I could only wish and pray that someone would bring the matter to Tessie Sy-Coson or one of the family members so that such abuse would be nipped at the bud.
Unfortunately, a few days later I learned about another case.
Unlike the “unwitting Santa Claus”, the next case was about a four-year old “tisoy” whose photo was to be used in a Toy Catalog ONLY. The mother as I understand it had explicitly stated that the material shot would be for the Catalog and not for TV ads or any other form of advertising.
Lo and behold, little four-year old’s face was soon on TV, the Toy catalog, and last we saw was on a huge billboard on the wall of Mega Mall. Of course the mother was upset with the betrayal of trust.
But what makes both instances sad and unfortunate is that both parties taken advantaged of, were people who patronize SM, who were willing to share their “character” with SM, and would have been proud to work with SM.
They were also people who could have used the extra income and the “break” that the SM image could have given them.
Instead they, along with SM were taken advantaged of by “talent scouts” who proved to be very talented at scalping helpless people as well as Shoe Mart. If by chance Ms. Tessie gets to read this “sumbong” may I also suggest that she develops a team who can reach out to people who encounter problems or difficulties with their various business units.
Sometimes, just being able to talk or tell someone who is willing to listen, already solves half of the problem. Reports have it that attempts at reaching out to the SM legal department is equivalent to talking to the façade of the Mega Mall. It does not talk back, it does not respond. And like some cheap cell phone, it cannot be reached!
If having “real people” in the front line is considered risky business, perhaps Ms. Tessie can put up a VERY PUBLICIZED Email address so people can send in their comments and suggestions which can then be reviewed by the Sy family and their managers. This way, columnists like me who don’t have Ms. Tessie’s number, would probably be writing about other things.
In the same breath, Ms. Tessie should also consider appointing independent “ambassadors” who can freely speak with the public, tenants, and suppliers who may have ideas, sentiments, and serious business concerns” connected with their chain of malls.
The fact of the matter is that the SM group has become the largest Kingdom among malls in the Philippines and just like the proverbial kingdoms, many feudal lords and war lords don’t always tell the royal court all the things that have been happening in their respective domains.
Perhaps it is also time to go back to the roots. To check who has been vigilant and who has been taking Shoe Mart’s name in vain, taking Shoe Mart’s cash in exchange for “pirated” material, and who among the Shoe Mart managers have been sleeping on the Job while “Santa” came to town!
My comment: I have noticed that there is some slack myself, email and phone numbers are not easy to find for the malls on the web, and who the tenants are as well. Each mall should have their own webpage with clear indication who to contact with suggestions and complaints as the organization grows so big. SM supermarket has a central email address which I have found to work well. I have not found it as easy to contact SM malls and SM Department stores and they should have easy contacts listed on the web as well. And all the stores in their malls should have the same information and contact details.
Read the full column here http://www.philstar.com/Article.aspx?articleId=532410&publicationSubCategoryId=64
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