A long-dormant premium estate south of Metro Manila is emerging as a major value driver, with analysts projecting substantial revenue and earnings contributions once development accelerates over the next few years.

According to Abacus Securities Corp., the joint development being undertaken by SM Investments Corp. and its listed property arm SM Prime Holdings Inc. is projected to generate P264 billion in revenues and between P115 billion and P120 billion in earnings over a four-year period starting in 2027.

The brokerage said the large-scale development of the 284-hectare Susana Heights property marks a turning point for an asset that had remained largely idle for years due to a protracted legal dispute. Control of the land was consolidated last year following a favorable court ruling and a share-swap transaction that placed the property on the books at a nominal value.

Abacus noted that the scale of the projected returns underscores a significant valuation unlock, with the estate expected to generate billions in sales reservations just a few years after being carried at near-zero value. This upside is being driven by a strategic shift toward the ultra-luxury residential segment, supported by strong demand for large-format, premium developments.

At Susana Heights, entry-level pricing is estimated at around P100 million for a 750-square-meter lot, translating to approximately P133,000 per square meter, positioning the project firmly within the high-end residential market.

Development costs are expected to remain manageable relative to projected revenues. Abacus estimates around P55 billion will be required for the second phase and subsequent stages, while an initial P25 billion capital outlay has been allocated for the first phase. Much of this early investment will fund core infrastructure such as road networks, drainage systems, and shared amenities that will benefit later phases of the project.

The brokerage described the cost assumptions as conservative, noting that the projected budget for the remaining 180 hectares is more than double the initial allocation for an area less than twice the size of the first phase.

From an earnings perspective, Abacus said the project could lift the property arm’s profits by as much as 50 percent by 2027, while the parent conglomerate stands to benefit from its substantial economic interest in the venture. Analysts expect the development to contribute meaningfully to consolidated net income once sales momentum builds.

While the earnings impact is expected to materialize over the medium term, the Susana Heights project is seen as a key catalyst for investor sentiment beginning in the second half of 2026, as the market prices in the scale, visibility, and profitability of the development.