SM Prime Holdings, Inc. (PSE: SMPH), one of the biggest mall and property developers in the Philippines, has announced through its subsidiary that a luxury residential project called Balea Suites is almost ready to be handed over to buyers.
According to a disclosure filed with the Securities and Exchange Commission on June 17, 2026, SM Leisure Resort and Residences (SM LRR), a division of SM Prime, is preparing to turn over Balea Suites at Pico Terraces to unit owners by the fourth quarter of 2027. The project is located inside Hamilo Coast, a large beach estate in Batangas.
What is Balea Suites?
Think of Balea Suites as a fancy apartment building near the beach, but in a very exclusive area. It’s part of a bigger development called Pico Terraces, which costs around P3 billion to build. Balea Suites is the second building in a community that will eventually have five towers.
The first building, called Ardea Suites, was launched in 2023. Both towers reached their highest point (called “topping off”) in April 2025, which means the basic structure is complete.
Strong Buyer Interest
Imee Francisco, who is the Senior Vice President and Head of Costa del Hamilo, Inc., shared that “most units are already taken up.” This means that many people have already bought units in Balea Suites because they like the beachside location, the privacy it offers, and the special facilities available at Hamilo Coast.
The project is particularly popular among younger buyers called Millennials and Generation X who live in southern Metro Manila and nearby cities. These buyers are looking for a second home near the beach where there aren’t too many buildings crowded together.
A “Resort Within a Resort”
Pico Terraces is designed as a “resort within a resort,” which means residents get to enjoy their own private swimming pools, fitness areas, and picnic grounds inside the development. At the same time, they can also use the facilities of the larger Hamilo Coast estate, which covers 5,900 hectares (that’s about the size of 8,300 football fields!).
When people buy units, they also get club shares that give them exclusive access to the Pico de Loro Beach and Country Club.
Award-Winning Development
The project has received recognition from the real estate industry. In 2025, Pico Terraces won awards at the PropertyGuru Philippines Property Awards as Best Condominium Development (Luzon) and at the DOT Property Awards as Best Resort Condominium Development.
About SM Prime Holdings
SM Prime is one of the largest integrated property developers in the Philippines. The company is primarily known for operating shopping malls but also develops residential properties, hotels, and tourism estates. As of the filing date, SM Prime has 28,651,170,494 common shares outstanding.
The announcement was signed by John Nai Peng Ong, Chief Finance Officer of SM Prime Holdings, Inc.
Source Note:This article is based on the company’s official press release and disclosures filed with the Philippine Stock Exchange’s Electronic Disclosure Generation Technology (PSE EDGE) system. For the complete and official version of the announcement, readers may visit the PSE EDGE website and search for the company’s filing directly.
