Billionaire Sy to Build Micro Cities Around His Philippine Malls

Billionaire Henry Sy, the richest person in the Philippines, will start to develop apartments, offices and hotels around his shopping malls to maximize the value of property holdings in the face of similar moves by competitors.

Fifteen of 50 shopping malls now owned by Sy’s SM Prime Holdings Inc. are on land large enough for high-density, mixed-used development, Executive Vice President Jeffrey Lim, 53, said in an interview in Manila on Monday. Depending on demand, five so-called townships will be built in two years and about 10 more over five years, he said.