Dorm operator ramps up expansion

SY-LED Philippine Urban Living Solutions, Inc. (PULS) plans to have over 4,800 beds under its portfolio by 2020, as it looks to provide housing solutions to young professionals in the metro.

The operator of urban dormitories carrying the MyTown brand currently operates 14 buildings offering more than 2,800 beds, according to an investor’s presentation by SM Investments Corp. (SMIC) posted on its website this week.

The listed conglomerate owns a 61% stake in PULS, which it described as the pioneer of urban dormitories as communities with amenities.

Earlier this year, PULS launched MyTown Los Angeles, its largest project so far that will offer more than 1,000 beds. The seven-storey building will rise along Kalayaan Avenue in Makati, and is scheduled to be completed by next year.

The company expects MyTown Los Angeles to benefit from the completion of the Bonifacio Global City (BGC)-Ortigas Link Bridge by the end of this year, giving residents better access to Ortigas.

Rates at MyTown range from P4,050 per bed for a six-bed sharing unit, up to P16,100 for a private room every month. Tenants could choose among two-bed, four-bed, and six-bed sharing options. Rooms are fully-fitted and ready for occupancy.

SMIC said MyTown provides a “scalable solution to metro traffic and lack of affordable housing.”

Each building also offers amenities such as fitness gyms, study rooms, roofdeck pools, cinemas, and other recreation areas. All its properties are within walking distance to BGC, and are accessible to other business districts such as Makati and Ortigas, according to its website.

Established in 2012, PULS is one of SMIC’s equity investments in the property space. SMIC also has a 95% stake in Net Buildings, which operates seven commercial buildings inside the only IT park in BGC that is certified by the Philippine Economic Zone Authority. The Net Buildings cover a total gross floor area of 267,763 square meters.

SMIC has a further 34% stake in CityMall Commercial Centers, Inc., with the 66% owned by listed property developer DoubleDragon Properties, Inc. CityMall develops community malls in tier 2 and 3 municipalities in the country where SM Malls are usually not present.

The company has committed to spend about P94-98 billion in capital expenditures this year, mostly for the construction of new malls and residential projects in the country.

SMIC saw its net income attributable to the parent rise 26.2% to P10.7 billion in the first quarter of 2019, after revenues also grew 14.7% to P109 billion.

Shares in SMIC went up 0.52% or P5 to close at P960 each at the stock exchange on Thursday. — Arra B. Francia