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SM Prime's market value hits 1 trillion Philippine pesos

SM Prime Holdings Inc.'s market value has climbed to 1 trillion Philippine pesos, a feat the company attributed to a favorable market outlook.

The company's integration of all of its property businesses under SM Prime in 2013 led to synergies among its units and increased operational efficiencies, as well as enhanced shareholder value, the company said in a release, adding that it also allowed for larger projects, including land reclamation and long-term integrated developments.

SM Prime is the first Philippine company to reach the market value milestone, the company noted.

As of June 2, US$1 was equivalent to 49.59 Philippine pesos.