SY-LED integrated property developer SM Prime Holdings Inc. (SMPH) announced a reformatting and expansion of its residential business.

Starting next year, SMPH will be consolidating all of its residential projects under the SM Residences brand. It will also be earmarking 1,000 hectares of land for the brand over the next five years.

SMPH President Jeffrey Lim said that around 85 percent of the 1,000 hectares would be dedicated for horizontal developments, which would enable the firm to address the demand for affordable and quality housing.

The firm noted that the National Economic and Development Authority (NEDA) and the Department of Human Settlements and Urban Development (DHSUD), under Joint Memorandum Circular 2024-001, had raised the guaranty ceiling for low- and medium-cost housing packages to P4.9 million and P6.6 million, respectively.

"The price adjustments will allow us to target a broader segment of the housing market," Lim said. "It will also enable us to better address the growing demand for affordable and quality housing, while contributing to the government's efforts to reduce the housing backlog."

The SM Residences premium line is set for a launch early next year with the development of 200 hectares of land. More projects of different formats, with prices ranging from P25 million to more than P100 million, are also being planned.

SMPH shares on Friday rose 90 centavos, or 3.45 percent, to P27 apiece.