Leading Growth
“Jeffrey C. Lim is shaping SM Prime’s Future with Strategy and Purpose.”
Established in January 1994, SM Prime Holdings, Inc. (“SM Prime”) is a leading integrated property developer in Southeast Asia and a key component of the Sy family’s extensive business holdings.
The Philippine-based company began as a mall developer and operator before diversifying into residential and office development, as well as hotel and convention center operations. This strategic expansion propelled SM Prime to a historic milestone in 2017, becoming the first company in the Philippine Stock Exchange to break the one trillion-peso market capitalization barrier.
A driving force behind all this is Jeffrey C. Lim, a veteran leader who has been with the company since its founding, serving as its Vice President from Finance. He was instrumental in the 2013 consolidation of all property units of the SM Group into SM Prime, creating the largest property company in the country.
In 2016, Lim was appointed President of SM Prime—the first non-family member to hold the top post. Since then, he has steered the company into new heights and milestones, overseeing its significant expansion, record-breaking financial performance and growing commitment to sustainable urban development.
Portfolio Expansion
Lim has shown an unwavering commitment to expanding the company’s footprint in the real estate sector while upholding the values of focus, hard work, innovation, integrity, teamwork and sustainability.
SM Prime has rapidly expanded its reach, growing from four malls in 1994 to a network of 87 in the Philippines and eight in China. This extensive mall portfolio, encompassing 11 million square meters of gross floor area, provides a critical platform for over 22,000 local businesses to thrive and contribute to economic growth.
The company has launched over 184,000 SMDC residential units across 67 developments in the Philippines, in addition to 24 leisure homes projects, 10 hotels, six convention centers, and two trade halls. SM Prime also has 9 LEED-certified office buildings in Metro Manila and key provincial capitals, which cater to leading global companies.
Financial Performance
In the first half of 2024, SM Prime’s earnings surged to PHP 22.1 billion—about US$376.5 million at an exchange rate of PHP 58.7 per US$ (source: BSP)—marking a 13% jump from the same period last year. This exceptional performance, fueled by robust growth across all business segments, marks the company’s highest-ever profit in a single semester.
Consolidated revenues showed exceptional growth, rising 8% year-on-year to a record PHP 64.7 billion (over USD 1.1 billion).
These results underscore the strategic leadership of Lim, who has successfully navigated the company out of the pandemic to achieve outstanding financial results.
Sustainability
Lim’s approach to sustainability extends well beyond regulatory compliance, embedding environmental stewardship at the core of SM Prime’s operations. He advocates for responsible business practices that maximize resource efficiency while carefully managing the ecological balance.
SM Prime has set an ambitious target to achieve net-zero greenhouse gas emissions by 2040, aligning with global sustainability standards and collaborating with WWF-Philippines. To reach this goal, the company is ramping up renewable energy adoption, enhancing energy efficiency and implementing sustainable construction practices.
Additionally, water stewardship remains a pillar of SM Prime’s sustainability efforts, with the company recycling over 4.4 million cubic meters of water in 2023 alone.
The property conglomerate is also committed to a waste-free future through a comprehensive waste management program that prioritizes reduction, reuse and recycling. In 2023, its operations generated 165.7 million tons of waste, with 92.7 million tons sent for appropriate disposal, 13% of which was recycled or reused while 5% composted.
Early this year, SM Prime also partnered with Japan-based GUUN Co. Ltd (GUUN) to develop infrastructure for systematic waste management and resource recovery. The joint venture aims to minimize landfill waste from both SM Prime-operated and third-party managed properties.
Collective Success
For Lim, true leadership is rooted in a steadfast commitment to collective success rather than personal recognition. He believes the best leaders elevate those around them, fostering collaboration and driving the organization forward with a shared sense of purpose.
Lim views leadership as less about commanding and more about listening, understanding and empowering. He strives to create a work environment where each employee feels valued and respected. While focused on achieving outstanding business results, he equally prioritizes a culture that supports well-being and self-care for his team.
With three decades at SM Prime, Lim’s career exemplifies the values of perseverance, adaptability and a steadfast commitment to teamwork over individual accolades.
As SM Prime embarks on its next phase of growth, Lim remains committed to its vision of bringing world-class, sustainable developments to the Philippines, guided by the belief that the best is yet to come.
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