SY family-led conglomerate SM Investments Corp. confirmed on Tuesday that the group was in talks to invest in a growing chain of dormitory buildings under the “MyTown” brand.
“We confirm that the SM group is in discussion with the developer of MyTown,” SMIC said in a disclosure to the Philippine Stock Exchange.
It was earlier reported that SMIC’s property arm SM Prime Holdings was in talks with Philippines Urban Living Solutions Inc. (PULS), a leading owner, developer and manager of purpose-built staff-housing at walking distance from the major central business districts in the Philippines under the “MyTown” brand.
PULS, an investee company of Franklin Templeton Investments and BPI Capital Corp., currently owns and manages five buildings in Makati and BGC with over 1,000 beds all operated under the “MyTown” brand. The company specializes in building 10- to 20-square meter residential units rented out near Metro Manila central business districts.