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SM Prime refutes report about 18B-peso purchase of prime seafront site

SM Prime Holdings Inc. refuted a report from The Philippine Daily Inquirer that asserted it purchased a 10-hectare prime seafront site in the Philippines' Manila Bay area from U.K.-based investment fund Ashmore and its local partner Eric Recto for 18 billion Philippine pesos.

In a disclosure, the diversified real estate developer said it did not purchase the said land parcel located near its Mall of Asia complex, denying the report from the Philippine-based broadsheet.

Citing an official involved in the alleged deal, the March 1 report claimed, citing an unnamed official participating in the apparent deal, that SM made the transaction increase its supply of condominiums in the Manila Bay area. The source said the company would make the acquisition, which the report described as one of the largest real estate transactions in recent years, to take advantage of the strong demand for the company's projects in the area.

Citing another source, the report claimed that the sellers first offered the land to another local developer, Ayala Corp., which has an ongoing mixed-use project adjacent to the property. However, Ayala failed to secure the land because of a lower bid price, about half of what SM Prime submitted.

As of March 2, US$1 was equivalent to 51.83 Philippine pesos.