SM Prime says Balea Suites turnover set for Q4 2027

SM PRIME HOLDINGS, Inc.’s leisure residential arm said it is on track to turn over Balea Suites, the second residential tower in its P3-billion Pico Terraces development in Batangas, by the fourth quarter of 2027.

“Market reception for Balea Suites has been strong, with most units already taken up. The distinct seaside setting, exclusivity, and amenities of Hamilo Coast make the project a compelling option for discerning buyers,” Costa del Hamilo, Inc. Senior Vice-President Imee G. Francisco said in a disclosure on Wednesday.

Balea Suites is the second tower of the Pico Terraces development within the 5,900-hectare Hamilo Coast estate in Nasugbu, Batangas. The project will comprise five residential buildings, with the first tower, Ardea Suites, launched in 2023.

Both Balea Suites and Ardea Suites were topped off in April 2025.

SM Leisure Resort and Residences said the 2.3-hectare Pico Terraces development has attracted millennial and Generation X buyers from southern Metro Manila and nearby urban centers seeking second homes in low-density coastal communities.

“Buyers are responding to Pico Terraces because it offers an accessible entry point into elevated, nature-inspired living. Pico de Loro’s sea-and-mountain setting gives the project a distinct sense of place that is difficult to replicate,” Ms. Francisco said.

The development will offer residents access to amenities including a 500-square-meter cascading pool, indoor and outdoor fitness facilities, a clubhouse, and landscaped open spaces. Unit owners will also receive bundled club shares that provide access to Pico de Loro Beach and Country Club.

Pico Terraces will have 211 residential units across five towers, consisting of one-, two-, and three-bedroom units ranging from 46 square meters to 89 square meters.

SM Prime reported a first-quarter attributable net income of P11.66 billion, up marginally from P11.65 billion a year earlier, on revenues that rose 2% to P33.3 billion.

The mall segment remained the company’s largest revenue contributor, generating P20.4 billion or 61% of total revenues. Real estate sales declined 16% to P7.8 billion due to cancellations and slower revenue recognition, although the company said leisure residential sales partially offset weaker performance in its core residential business.

As of March, SM Prime’s total assets stood at P1.1 trillion, while capital expenditures declined 9% to P15.5 billion from P17.1 billion a year earlier. — Juliana Chloe A. Gonzales