High-rise residential developer SM Development Corp. has acquired for P1.25 billion a prime property on EDSA corner Madison Street, currently occupied by pharmaceutical manufacturer Euro-Med Laboratories Phils. Inc.
The purchase of the 10,936-square-meter property, which is expected to be completed in 36 months, expands SMDC’s land bank in the metropolis.
SMDC and Euro-Med separately disclosed to the Philippine Stock Exchange that the transaction would be done through the former’s acquisition of all shares of 102 E. De Los Santos Realty Co. (102 EDSA), which owns two parcels of lot with a total area of 10,936 sq.m. where the Mandaluyong plant is located.
“The company intends to transfer its equipment to and consolidate its manufacturing operations at its Cavite plant, which is expected to generate operational efficiencies and cost reductions,” Euro-Med said.
102 EDSA, a wholly owned subsidiary of Euro-Med, is engaged in the rental of the Mandaluyong property to the parent company. The lease agreement will expire on June 30 this year.
Apart from expanding the landbank for its residential business, the SM group is also increasing its office rental portfolio.
SM Land Inc., the property development arm of SM Investments Corp., has broken ground for ThreeE-comCenter—the third installment of a four-structure premier business hub in Mall of Asia Complex in Pasay City. SM Land aims to complete the project by the fourth quarter of 2014.
SMIC announced that ThreeE-comCenter would feature an iconic architecture designed by Miami-based firm Arquitectonica, with FS Lim & Associates as the local architect.