MANILA, Philippines – SM Prime Holdings Incorporated is off to a good start this year.

The mall giant scored an 11% income growth to P11.9 billion in the first three months of 2025, up from P10.7 billion booked in the same period last year. Net income attributable to equity holders also grew 11% to P11.7 billion, while total revenues went up 7% to P30.7 billion from P32.8 billion.

“Our portfolio is off to a strong and promising start this year,” SM Prime President Jeffrey Lim said on Tuesday, April 29.

“Malls, offices, hotels and convention venues, and even residence, posted gains in the first quarter. This speaks to both the resilience of domestic demand and the strength of our integrated development strategy.”

Its mall segment accounted for 69% of its earnings — contributing P8.1 billion, up 13% from P7.2 billion. It was followed by residential sales with P2.1 billion, its office and warehouse segment chipped in P1.2 billion, and hotels and convention centers gave P362 million.

The property giant expects to weather market uncertainties with the new tariff policy of the United States thanks to the Philippines’ “predominantly domestic-driven economy.” However, it is taking a step back on its plans to launch its real estate investment trust (REIT). [WATCH: Why invest in REITs?]

“We don’t intend to prioritize the REIT at this time… I think not within the year, given market conditions,” Lim told reporters on the sidelines of the media briefing on Tuesday.

He added that fundraising is not a problem for the firm yet as the company is still able to tap the debt market.

Residential sales remain resilient

Despite the reported oversupply of condominiums in Metro Manila, SM Prime reported on Tuesday that “most” of its ready-for-occupancy (RFO) units in the metro are sold out.

Antonio Felix Ortiga, SM Prime’s vice president for commercial properties, said the property firm only has around 1,600 units across its developments in Metro Manila.

Property buyers are attracted to SM properties thanks to its “strategic locations.” The company also noted that most times, once the unit is sold — it usually gets off the rental market quickly.

Its residential property arm, SM Development Corporation, recently also introduced its “Move In Now” program, which sells fully-furnished condominium units at a 5% spot down payment. The program also assists buyers in designing their new unit with help from SM’s in-house styling program.

“Our strategy now for residential, particularly for the high-rises, is really to accelerate the completion of units, which are slated probably next year to four years from now,” said SMDC executive vice president Grace Sta. Ana said. – Rappler.com