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

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 high-quality organizations from countries around the region, including Australia, India, China, Japan, Malaysia, New Zealand, Singapore and the Philippines. In all, organizations from nine different jurisdictions lodged submissions.

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.

Ayala Land won award for the best Philippines 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.

“We are delighted with the level of best practices demonstrated by the companies who submitted for the awards this year. We continually encourage members to adopt the most up-to-date valuation techniques, adhere to international financial reporting standards and follow good corporate governance,” said Lim Swe Guan, Aprea chairman.

“Combined with a greater transparency of portfolio performance and provision of reliable timely information to investors, we believe this will lead to higher investor confidence and wider support for the industry. We are confident that with the support of our members, who are leaders in their field, we can make real estate a crucial part of every investor’s portfolio.”