SINGAPORE, Nov. 28, 2018 /CNW/ -- SM Prime Holdings, Inc. (SMPH) was honoured with the 2018 Frost & Sullivan Philippines Property Development Industry Growth Excellence Leadership Award at the annual Frost & Sullivan Asia-Pacific Best Practices Awards banquet held at Shangri-La Singapore earlier today.
Janice Wung, Program Manager, Energy & Environment, Frost & Sullivan noted that the property development market in Philippines continues to develop steadily, driven by economic growth, rapid urbanization, and government spending on infrastructure projects.
In 2017, competition among domestic property developers to acquire prime land and development projects intensified significantly.
"Amid this backdrop, SM Prime Holdings Inc. cemented its position as the leading developer in the retail and commercial property market. The company continues to redefine the lifestyle mall concept, achieving higher than average revenue growth, successfully launching 7 new shopping malls, and making headway in China's real estate market in 2017," she added.
"We are proud to be honored with the 2018 Philippines Property Development Industry Growth Excellence Leadership Award. This is truly inspiring and at the same time challenging for us to be always better than ourselves in pursuit of a higher purpose of being a catalyst of economic growth in our country. We will continue to deliver innovative and sustainable lifestyle cities that enrich the quality of life of millions of people while keeping our commitment to our stakeholders as a whole," said SM Prime President, Mr. Jeffrey C. Lim.
The recipients of the annual Frost & Sullivan Asia-Pacific Best Practice Awards were identified based on in-depth research conducted by Frost & Sullivan's analysts. The award categories offered each year are carefully reviewed and evaluated to reflect the current market landscape and include new emerging trends. The short-listed companies were evaluated on a variety of actual market performance indicators which include revenue growth; market share and growth in market share; leadership in product innovation; marketing strategy and business development strategy.
About SM Prime Holdings, Inc.
SM Prime Holdings, Inc. is one of the largest integrated property developers in Southeast Asia who is committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities with the development of malls, residences, offices, hotels and convention centers, thereby enriching the quality of life of millions of people. SM Prime has topped Publicly Listed Companies in Southeast Asia in the ASEAN Corporate Governance Scorecard of 2018.
About Frost & Sullivan
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SOURCE Frost & Sullivan