The real estate sector is a primary driver of economic growth in the Philippines. These top developers drove this industry to the fore. To date, their continued expansion keep this sector on an upward trajectory. Get to know these top companies, starting with the largest property developer, Ayala Land, and the leading mall operator, SM Prime.
Ayala Land, Inc.
The property arm of the prestigious Ayala Corporation, Ayala Land, Inc. (ALI) is often cited as the largest developer in the Philippines. ALI prides itself on having pioneered the development of the Makati business district. They acquired the parcel of land -- then named Hacienda Makati -- and developed it throughout the 50s and 60s. In the following decades, the property giant steered the hacienda's transformation into what it is today: a leading commercial, financial, retail and lifestyle center. ALI itself as a property arm, was formed and incorporated in 1988. It has a number of ongoing projects in Makati till this day, among them a forthcoming township called City Gate. Its subsidiaries include Ayala Land Premier, Alveo Land, Avida Land, and Amaia Land, which cater to different income segments in the market, from premium condominiums to low-cost housing.
SM Prime Holdings, Inc.
SM Prime takes the lion's share of the local retail sector. It is the biggest mall operator in the country and one of the largest mall chains in the world. It was incorporated in 1994 and holds up to 46 operating malls in the Philippines and five in China, with a gross floor area of 7 million square meters. In 2013, SM Prime became a holding company for various real estate subsidiaries and assets under the SM Group, including SM Development Corporation (SMDC), which caters to the condominium sector. SMDC has more than 20 high- and mid-rise residential towers to date, located mostly in Manila. SM Prime develops, operates, and maintains retail, residential, commercial, and recreational projects.