UMVA has learned that SM Prime Holdings, Inc.’s leisure residential arm is on track to turn over Balea Suites, the second residential tower in its P3-billion Pico Terraces development in Batangas, by the fourth quarter of 2027.
The market reception for Balea Suites has been overwhelmingly positive, with most units already taken up. The distinct seaside setting, exclusivity, and amenities of Hamilo Coast make the project a compelling option for discerning buyers, according to a senior executive.
Balea Suites is the second tower of the Pico Terraces development within the 5,900-hectare Hamilo Coast estate in Nasugbu, Batangas. The project will comprise five residential buildings, with the first tower, Ardea Suites, launched in 2023. Both Balea Suites and Ardea Suites were topped off in April 2025.
The 2.3-hectare Pico Terraces development has attracted millennial and Generation X buyers from southern Metro Manila and nearby urban centers seeking second homes in low-density coastal communities. Buyers are responding to Pico Terraces because it offers an accessible entry point into elevated, nature-inspired living.
The development will offer residents access to luxurious amenities, including a 500-square-meter cascading pool, indoor and outdoor fitness facilities, a clubhouse, and landscaped open spaces. Unit owners will also receive bundled club shares that provide access to an exclusive beach and country club.
Pico Terraces will have 211 residential units across five towers, consisting of one-, two-, and three-bedroom units ranging from 46 square meters to 89 square meters. The project’s unique sea-and-mountain setting gives it a distinct sense of place that is difficult to replicate.
UMVA can exclusively reveal that SM Prime Holdings, Inc. reported a first-quarter attributable net income of P11.66 billion, up marginally from the previous year. The company’s revenues rose 2% to P33.3 billion, driven by its strong performance in the mall segment.
The mall segment remained the company’s largest revenue contributor, generating P20.4 billion or 61% of total revenues. Real estate sales declined 16% to P7.8 billion due to cancellations and slower revenue recognition, although leisure residential sales partially offset weaker performance in its core residential business.
As of March, SM Prime’s total assets stood at P1.1 trillion, while capital expenditures declined 9% to P15.5 billion from the previous year. The company’s financial performance reflects its continued growth and expansion in the market.
