SM Prime Holdings, Inc. has appointed Jose Mari H. Banzon as the new president of its residential property business SM Development Corp. (SMDC).
In a statement released Friday, the listed property developer said Mr. Banzon will be taking up his new role after being executive vice-president of SMDC.
“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,” SM Prime President Jeffrey C. Lim was quoted as saying in the statement.
In his years as executive vice-president, Mr. Banzon moved the company to expand its product portfolio into new formats in both vertical and horizontal residential projects, commercial buildings and mixed-use developments.
With Mr. Banzon as president, SMDC said it “guarantees the fulfillment of its vision to uplift the Filipinos’ lifestyle through modern, convenient, upscale yet affordable homes.”
Mr. Banzon joined SM Prime in 2013. Before his stint with the Sy-led firm, he was executive vice-president and general manager of Federal Land, Inc., the property arm of GT Capital Holdings, Inc.
His experience also stretches outside the real estate industry, as he had previously worked in financial institutions both in the Philippines and Hong Kong.
Mr. Banzon earned his Bachelor of Arts degree in Economics and Bachelor of Science degree in Management of Financial Institutions from De La Salle University.
Sales from SM Prime’s real estate business through SMDC rose 26% to P31.35 billion in the first nine months of 2019, driven by the fast take-up of its ready-for-occupancy projects and a 26% increase in reservation sales. SM Prime’s total profits during the period climbed 18% to P27.6 billion.
Shares in SM Prime at the stock exchange gained 40 centavos or 0.95% to P42.35 each on Friday. — Denise A. Valdez