SM to build 36 OFW Global Pinoy Centers

Business Mirror reported today that SM group will build 36 Global Pinoy Centers, or OFW lounge facilities to attract overseas Filipino workers (OFWs) and their families to SM Supermalls. Hans Sy, president of SM Prime Holdings Inc., confirmed the Business Mirror report in a disclosure to the Philippine Stock Exchange.

The Global Pinoy Centers are intended to meet the needs of returning OFWs and their dependents when they go shopping.

Sy said providing OFWs and their families with more comfortable facilities is SM’s way of recognizing their contribution to SM’s growth through their continued patronage.

Sy said: 'Whenever I have trips abroad, I was always being asked by foreign investors what drives SM’s growth and I told them it’s because of the remittances of our overseas-based workers.'

He added: 'After having major involvements in environmental issues, education, empowering the handicapped among others, I asked the people in the group now to focus on the OFWs in recognition for their vital role in enhancing SM’s growth...'

As of August 2009, about 2 million OFWs had remitted $12 billion to their families.

SM will build three Global Pinoy Centers at the SM Mall of Asia, SM Megamall and SM North Edsa this year. The 36 centers will collectively cost P180MM.


The Global Pinoy Center will

• assist OFWs in finding information on investment opportunities and provide them easier access to the Department of Labor and Employment and other government agencies such as the Philippine Overseas Employment Administration, Overseas Workers Welfare Administration.
• enable dependents of OFWs to pick up remittances directly from their loved ones even on weekends and holidays.
• function as a contact point for the present and former OFWs, balikbayans and their relatives.

OFWs and their families will be issued Global Pinoy card which will entitle them to avail themselves of discounts and freebies from SM Supermalls and other partner establishments, Global Pinoy cardholders could get 20 percent and 15-percent discount tuition discount in Asia-Pacific College and National University, respectively.

SMDC Introduces Four New Condominium Projects

SM Development Corporation (SMDC) will launch four of its newest residential condominium projects.

The four SM Residences projects are

• the Jazz Residences near Jupiter Road in Makati City;
• the Sun Residences right beside the Mabuhay (formerly Welcome) Rotunda near the Quezon Avenue boundary of Quezon City and Manila;
• the Light Residences near Pioneer Street in Mandaluyong; and
• the Wind Residences along the Emilio Aguinaldo Highway in Tagaytay City.

Roger R. Cabuñag, SMDC president said, “Our four new offerings affirm SMDC’s vision of becoming one of the leading residential developers in the country. We will end this year with a menu of 12 different offerings for our clients who may choose their homes from the best locations in the Metropolis, plus a special offering in scenic Tagaytay. Upon completion, SM Residences will provide five-star homes to our buyers through topnotch amenities and facilities even as they are offered at affordable terms.”

Jazz Residences will occupy approximately 25,000 square meters (sqm) of land along Metropolitan Avenue, which interconnects with Jupiter Road near the central business district of Makati City. A total of four towers will rise on a five-storey podium; and will be done in four phases. Each 41-storey tower will have an estimated 1,228 one- and two bedroom units. The amenities of Jazz Residences include a lawn and garden, children’s playground, jogging path, swimming pools with shower rooms, lobby lounge, and a gym and spa, among others.

Sun Residences is located at España Boulevard in Quezon City, right beside one of Metro Manila’s famous landmarks, the Mabuhay or Welcome Rotunda. The area is highly accessible as it is along a primary transport route. Its total land area is approximately 11,832 sqm. Two 43-storey towers will rise on the property with each tower having 1,992 units for sale. As in all SMDC projects, the project will be done in phases with studios, one-bedroom, and two-bedroom units on offer. Sun’s amenities include a recreational area, garden and lawn, children’s playground, students’ lounge, swimming pools, and a jogging path, among others.

The third new project, Light Residences, is located at the corner of EDSA and Madison Street in Mandaluyong City, again making it a highly accessible location for residents who want to live close to the vibrant business districts of Makati, Mandaluyong, and Pasig. Light Residences will have three towers, with Tower 1 having 40 floors, and Towers 2 and 3 having 39 floors each. The first phase will offer a total of 1,386 studios, one-bedroom, or two-bedroom units. The whole project will occupy approximately 19,422 sqm of land and will have amenities such as swimming pools, a function room, jogging path, and a children’s playground, among others.

The only offering outside of Metro Manila is Wind Residences, which is in scenic Tagaytay City. It is located along the city’s major thoroughfare, the Emilio Aguinaldo Highway, occupying 15.45 hectares of land. Wind will have ten 20-storey towers rising in several phases over the medium term. Each tower will offer approximately 702 units for sale. Wind will have a clubhouse, badminton and basketball courts, swimming pools, children’s playground, and a jogging path, among others, as its amenities.

SMDC’s other on-going projects include Chateau Elysee in Paranaque City, Mezza Residences across SM City Sta. Mesa, the Berkeley Residences along Katipunan Avenue in Quezon City, the Grass Residences beside SM City North EDSA, the Field Residences in Parañaque City, the Sea Residences near the Mall of Asia Complex in Pasay City, and the residential subdivision Lindenwood Residences in Muntinlupa City. Last week, SMDC also unveiled Princeton Residences, located along Aurora Boulevard in Quezon City.


Source: PSE Disclosure 03 December 2009. Pasay City, Philippines.