SM Prime Holdings, Inc., through its leisure residential arm Highlands Prime, Inc. (HPI), said its recently completed Horizon Terraces development in Tagaytay Highlands is nearly 90% sold.

The 3.2-hectare (ha) residential enclave is the final phase of the Horizon development within the Tagaytay Highlands leisure estate, HPI said in a statement. Tagaytay Highlands sits in the cool-climate highland city of Tagaytay, a long-standing weekend retreat south of Metro Manila that has drawn second-home buyers from the capital region for decades.

"All buildings at Horizon Terraces are now complete and ready for move-in," said Patrick Joseph A. Villano, vice-president and head of operations for SM Leisure Resort Residences.

Perched 240 meters above sea level, Horizon Terraces is a low-density development in which more than 70% of the property is dedicated to landscaped gardens and open spaces. A one-hectare garden sits at its center, featuring swimming pools, a children's playground, pocket gardens, and areas for recreation, fitness, and outdoor activities.

The development offers two residential formats: Garden Villas and Garden Suites. The Garden Villas are three-story townhomes ranging from 139 to 172 square meters (sq.m.), spread across the Scottsdale, Glendale, and Sunnyvale clusters. The Garden Suites provide one- and two-bedroom units of 35 to 103 sq.m. across the St. Andrews, Glenview, Westchase, and Redstone buildings.

"The range of unit configurations is meant to give buyers the flexibility to choose what works for them, whether for weekend stays, longer family visits or more permanent mountain living in the future," Mr. Villano said. The near-sell-out level at completion is notable in the Philippine residential market, where homes are typically sold on a pre-selling basis years ahead of turnover, so buyers here can move into finished units rather than wait for construction to finish.

The milestone follows the completion of The Horizon, the development's first phase within the Tagaytay Highlands estate. In February, SM Prime also completed the 8.3-ha Provence village in Talisay, Batangas, as part of its expansion in the premium residential segment. The company is also on track to turn over Balea Suites, the second residential tower of its Pico Terraces development in Batangas, by the fourth quarter of 2027. Together, the Tagaytay and Batangas projects anchor the company's push into leisure and premium housing outside Metro Manila.

On the financial front, SM Prime's second-quarter consolidated net income edged up to P12.9 billion from P12.8 billion a year earlier, as higher revenue was partly offset by increased construction costs and expenses. Revenue for the April-to-June period rose 9% to P38.4 billion, while costs and expenses climbed 8.6% to P19 billion, largely due to higher construction-related costs.

Residential revenue, covering the company's core, leisure, and premium projects, declined to P20.6 billion from P20.9 billion, mainly due to lower revenue recognition from sales recorded in 2025. Residential remained the largest contributor to the quarter's P38.4-billion top line. Under standard industry practice, revenue from pre-sold homes is booked as construction progresses rather than at contract signing, so delivery schedules such as Balea Suites' 2027 turnover shape when those sales flow into results. As of end-June, SM Prime, one of the country's largest property developers, had total assets of about P1.1 trillion.

SM Prime shares fell 0.33%, or six centavos, to P18.12 apiece on Tuesday. — Juliana Chloe A. Gonzales

Source: Bworldonline