AYALA Land Inc. and SM Prime Holdings Inc. have been recognized for their high standards by the Asia Pacific Real Estate Association (Aprea) in the Aprea Best Practices Awards 2012.

Ayala Land won the award for the best Philippine submission and merit awards in the areas of market disclosure and portfolio performance reporting. It also won an award as the best property development organization in the emerging markets category. SM Prime won a merit award in the area of corporate governance.

The Aprea best practices awards are open to all real-estate companies and trusts listed on a regional stock exchange. As with previous years, there has been overwhelming response from organizations from countries around the region, including Australia, India, China, Japan, Malaysia, New Zealand, Singapore and the Philippines.

Winners were chosen based on how an organization has contributed to providing greater transparency and comparability in their local market and the region. Submissions were also judged on the extent of which they have adopted recommendations in the Aprea best practices handbook in the categories of market disclosures, accounting and financial reporting, property valuation, portfolio performance reporting and corporate governance.