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SM confirms purchase of Philamlife property

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MANILA, Philippines—SM Development Corp., the residential property arm of the SM group of tycoon Henry Sy, has expanded its land inventory with the acquisition of the prime property of local insurance firm Philippine American Life and General Insurance Co. along UN Ave. in Manila.

Finally confirming the long-rumored acquisition of the Philamlife property, SMDC said on Friday it had won the property through a bidding conducted last year by Philamlife, which is moving to a new office in Bonifacio Global City. The deal added two hectares of prime property to SMDC’s portfolio.

The SM group’s takeover of the Philamlife property has circulated in social media and blogs a few months ago but the SM group had been mum about it until last Friday.

“In 2012, Philam Life opened its property for sale and SMDC, via a proper bidding process, acquired it in September of that year,” SMDC said in an official statement in reply to a query from Inquirer. The statement was posted on SMDC’s website and Facebook page.

“Realizing the historicity of the Philam Life Complex, SMDC intends to build a condominium complex that includes a world-class, state-of-the-art theater that will be the future home for orchestras, cultural events, school recitals and the like. SMDC is fully cognizant of the heritage that the site has for many Filipinos and will try to preserve its cultural importance,” SMDC said.

This developed as the Philippine Philharmonic Orchestra conducted its final performance at the Philam Life Theater on Wednesday last week. The orchestra featured Russian pianist Sofya Gulyak, the first woman to win the prestigious Leeds International Piano Competition.

A source privy to the transaction said that while the sale of the property to the SM group was a done deal as of late last year, it was only this year that issues on leasehold ownership were settled.

Philamlife is moving its corporate head office to BGC in April while its customer service center will transfer to Mall of Asia (MOA) Complex in Pasay City in June.

French conductor and artist Olivier Ochanine, music director and chief conductor of Philippine Philharmonic Orchestra, created an online petition at advocacy repository website change.org in January addressed to “the owner” of Philamlife theater.

He said: “Please help the Filipino cultural heritage and future by saving the Philam Theater from being destroyed…”

“The removal of this central structure in Manila’s cultural scene would be tantamount to giving a huge blow to the Filipino spirit and would only help the Filipino artist to be swept down a slippery slope toward a Manila that has no interest in Filipino creativity and expression,” he said.


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Tags: Culture , land inventory , Manila , Philippine American Life and General Insurance Co. , Philippines , property , SM Development Corp.

  • Jeriel

    “Realizing the historicity of the Philam Life Complex, … includes a world-class,
    state-of-the-art theater …preserve its cultural importance.”

    From what I read, SMDC is not going to destroy Philam Life Complex. Anyone care to tell me any special source that Olivier Ochanine got to come to his conclusion?

    Thank you.

  • http://pulse.yahoo.com/_XALR35ENV2XKV327BZGZ7Q5Z5Q Ernesto

    swapang sa property

  • glycerlean

    naku, ang baduy nyan. gagawin nanamang “residences” yan haha possible names for that project would be UN residences, philam residences atbp…bsta may residences sa dulo hehe

  • dequis

    i-contractual mo na lahat ng trabahante mo mr. henry sy, but leave the philamlife auditorium alone.

  • http://profile.yahoo.com/SPLUBLEOSERDBOIJTDOC6XIWGU mxsclxmxn

    Grand Conspiracy Free Masonry now in Philippine Bill!

    Satan’s Synagogue as per Pope Clement XII year 1738

    In the P100 BILL series 2012 Serial # ZK188477 has a logo of the Grand Lodge of Free and Accepted Masons. Freemasonry has its goal of destroying Christendom and replacing it with man-centered government and Satanic religion filled with errors.

    How can this logo of a satanic group be allowed to print in the monetary instrument of the country with the constitution believing in a God asking for HIS Divine Providence?

    In Freemasonry the god of the secret societies is covertly substituted for the One True God. This false god is identified in the Masonic lodges as “the Great Architect.”

    Since Freemasonry has attempted so strenuously to claim that they are just a “good ole boy” fraternity that does good works and has a good time, most people will be shocked to learn the bitter truth behind that facade. Freemasonry certainly isn’t “free”. It could cost you your soul.

    Once Masons progress to the higher degrees and they finally believe the ‘Masonic lie”; and they will ‘understand’ that the Grand Architect of the Universe is not the God of the Old or New Testaments, but instead is the perfect dues paying Mason in good standing, who like the statue example above, they chipped away at, and finally shed needless ‘layers’ from both their old useless religion, and from loyalties outside of Masonry, which all along were what concealed them from their own personal true image, as the one and only real God.

    Freemasonry is one of many apostate religions dedicated to the destruction of traditional Judaism and Christianity. Those who aspire to grow in their closeness to Jesus Christ, and to increase their discernment in these days, would do well to stay very clear of Freemasonry. Are your loyalties with Jesus Christ or are they with the lodge? Both are diametrically opposed to one another as you will see below.

    Masons have mixed idolatry, paganism, the occult, Gnosticism, Kabala, fertility cults, Satanism, spiritualism, demonology, and put it into a blender and come up with the Masonic religion. It is not of God! It is a false religion; the Harlot of Babylon. Masons say they offer new candidates “the light”. The light they are actually giving is: Lucifer. The Christian Bible says that Satan walks to and fro on this earth masquerading as an “angel of light”, that many might be deceived.

    An insidious byproduct of Freemasonry is to keep husbands and wives out of churches & away from their children and their homes…

    Satan does not need to receive worship to achieve his goals. All he has to do is to keep a man from following Jesus. Satan knows that anyone who does not follow in the teachings of Jesus does not have God. (2 John 9)

  • http://twitter.com/TUBAGBOHOLcom TUBAGBOHOL.com

    another chinese invasion.

  • andresa igbac

    henry sy—baket kaya you are not helping restore the Met Theater? have you been not approached? kelangan talaga approach ka muna? tsaka kung gagawa ka ng commercial center sa lugar now ng philam, pwede naman siguro wag buwagin ang philam theater?

  • chitetskoy

    Come’n, that’s why Philippines is not progressing,partly due to our greedy people demolishing precious treasures for their own greed. Now, why not spend billions of pesos in saving this theater… the theater itself is a priceless gem!

  • antoncervantesjr

    Once again, culture and history erased to be replaced by bland square boxes with no character whatsoever. Hayyyy……

  • UrHONOR

    A whale of a catch. Philamlife has been a venue for many -a-memorable events in my life foremost of which was the TOSP awards night.

    • DIGOYBULOY

      and why should SM care about your life?

      • UrHONOR

        SIRIT na….WHY?



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