Banzon appointed as SMDC president

SM Prime Holdings Inc. has given real estate mogul Jose Mari Banzon the role of leading its residential property business.

In a statement on Friday, the Sy- led property developer appointed Banzon as the president of its subsidiary SM Development Corp. (SMDC).

“Mr. Banzon’s new position puts him at the forefront of SMDC’s aspiration to establish new markets in the Philippines and in Southeast Asia. His unique experience and broad outlook of an international executive and a global Filipino makes him wellplaced to lead SMDC moving forward,” SM Prime President Jeffrey Lim said.

Before assuming the post, Banzon served as the property firm’s executive vice president.

He has led SMDC in enhancing the company’s portfolio, including vertical and horizontal residential projects, com m e r c ial b u i l d i n g s, an d mixed- use developments.

“His determination to maximize the company’s operational efficiency and his drive to provide professional customer management solidified SMDC’s strong presence in the Philippine real estate market,” SM Prime said.

Banzon’s appointment comes after Shopping Center Management Corp. (SCMC) — SM Prime’s unit that manages SM Supermalls — picked Steven Tan as its new president.

Prior to his promotion, Tan was the chief operating officer of SCMC. He was also the head of operations for SM Supermalls in

China and the Philippines.

SM Prime’s income in the first nine months in 2019 rose by 18 percent to P27.6 billion from P23.44 billion a year ago due to robust mall and residential segments.

Mall revenues inched up by 8 percent to P42.03 billion, while residential revenues climbed by 26 percent to P31.92 billion as of end-September.

SM Prime shares added 40 centavos or 0.95 percent to close at P42.35 each on Friday.