HENRY Sy-led SM Prime Holdings is targeting to finish the construction of 12 dormitories under a newly-acquired firm holding the MyTown brand in the next 12 months to cater mainly to business process outsourcing (BPO) workers.
“They currently have a total of 12 properties [in Bonifacio Global City]—five of them have been developed. So the [others], they’re hoping to open within the next 12 months,” said Cora Guidote, SM Investments Corp. senior vice president for Investor Relations and Corporate Communications.
“All of the 12 but the five are operating already and have good occupancy. Their mature buildings are over 90 percent taken already,” Guidote told reporters following a forum organized by the Economic Journalists Association of the Philippines held in Manila recently.
SMIC completed the acquisition of a 61.21 percent stake in Philippine Urban Living Solutions, Inc. last April. The said firm holds the operations of the MyTown brand.
SMIC obtained the approval of the Philippine Competition Commission to purchase the majority stake in MyTown.
“[The plan is to] just keep expanding within the BGC area but later on, once BGC operations are fully operational, they can go elsewhere also where there’s a need for the same kind of service,” Guidote said.
SMIC, she said, partnered with Dutch investors who brought the concept of dormitories to the said area.
She also disclosed that some business process outsourcing companies have institutional clients “who rent several rooms or one floor for their own employees.”
MyTown dormitories are located in Bonifacio Global City in Taguig City.
“The gap there is big. Most of the accommodations in BGC are very expensive and then your workers, many BPO workers who need some kind of transient living type, so the dorm accommodation is very practical for them. So during weekdays they stay in MyTown.”
SM Prime is a property unit of the Sys under conglomerate SMIC.