SM Prime Holdings Inc., one of the leading integrated property companies in Southeast Asia, saw its market value hit P1 trillion Monday, on the back of favorable market outlook.  

This makes SM Prime the first Philippine company to reach the P1-trillion milestone in the market.

“SM Prime acknowledges the investment community’s unwavering support.  This is a great moment for us to share this success as we continue to deliver our commitment to our shareholders,” SM Prime chief finance officer John Ong said.

SM Prime’s stock hit an intra-day high of P35.10 Monday, before closing at P34.60, up 2.5 percent from P33.75 Friday.  At P35.10 per share, the company’s market value breached P1 trillion.  The company has a public float of 31.8 percent.

SM Prime said the milestone was due to the integration of all the property businesses under SM Prime in 2013.

“The strategic move of SM Group enabled SM Prime to realize synergies among its business units, increasing efficiencies in operations and revenue in enhanced shareholder value. It also allowed SM Prime to pursue larger projects, from reclaiming land to long-term integrated developments,” it said.

SM Prime said it remained committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities that enrich the quality of life of millions.

SM Prime is in its fourth year of a five-year plan that aims to double income and revenues through a P400-billion investment.

SM Prime had 60 malls in the Philippines and seven malls in China with total gross floor area of nine million square meters, as of end-March.

It also had 43 residential projects six office buildings with total GFA of 383,000 sqm, six hotels offering 1,500 rooms and four convention centers.

-5Meanwhile, SM Investments Corp., the parent company of SM Prime, ranks second in terms of market capitalization with P942 billion.