Mall developer and operator SM Prime Holdings Inc., in a disclosure to the Philippine Stock Exchange, announced that it has won the "emerging markets highly commended award" from the Singapore-based Asia- Pacific Real Estate Association (APREA).
The recognition received by SM Prime forms a part of the inaugural 2010 APREA Best Practices Awards. The commendation will be presented to SM Prime on Sept. 15 in Singapore.
APREA is a non-profit industry association that represents the real estate sector in the Asia-Pacific region.
The association works to encourage greater investment in the real estate sector through the provision of better information to investors, improving the general operating environment, encouraging best practices, and generally unifying and strengthening the industry.
According to APREA’s chief executive officer, Peter Mitchell, a total of 23 high quality submissions were received from various listed firms in seven regional exchanges for the very first staging of the awards.
He explained that an awards panel of institutional investors spent many hours reviewing the many excellent submissions.
Currently, SM Prime owns and operates 37 SM shopping malls in the Philippines, with a combined gross floor area of approximately 4.6 million square meters and an average daily foot traffic of 2.5 million.
In addition, the company has three SM malls in mainland China.
For the rest of 2010, SM Prime is scheduled to open three new malls in the country and one more in China. (PNA)
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Topic: SM Prime Holdings Wins Emerging Market Award (Read 852 times)