SM Prime Holdings Inc. announced the appointment of Jose Mari Banzon as president of residential arm SM Development Corp.
SM Prime said in a disclosure to the stock exchange Banzon took on the new position from his recent role as executive vice president, where he led the company’s impressive growth.
Under his leadership, SMDC expanded its product portfolio into new real-estate formats that span vertical and horizontal residential projects, 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 strong presence in the Philippine real estate market.
“Mr. 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,” said SM Prime president Jeffrey Lim.
“His appointment at the helm of SMDC guarantees the fulfillment of its vision to uplift the Filipinos’ lifestyle through modern, convenient, upscale yet affordable homes,” he added.
SMDC accounted for 38 percent of SM Prime’s total revenues in the first nine months of 2019 and 33 percent in terms of net income.
SMDC has fairly covered Metro Manila with high-rise condominium projects, with majority of residential projects built in the cities of Quezon, Pasay, Parañaque and Makati.
The company said 38 out of the 48 SMDC projects in the country as of the first nine months of 2019 are found in Metro Manila.
SM Prime last month also announced the appointment of Steven Tan as president of Shopping Center Management Corp., the mall management unit of the company.