(The Philippine Star) Updated November
03, 2012 12:00 AM
MANILA, Philippines - Ayala Land Inc.
and SM Prime Holdings, Inc have been recognised for their high standards by the
Asia Pacific Real Estate Association (APREA) in the APREA Best Practices Awards
2012.
The APREA Best Practices Awards are
open to all real estate companies and trusts listed on a regional stock
exchange. As with previous years, there has been overwhelming response from
high-quality organizations from countries around the region, including
Australia, India, China, Japan, Malaysia, New Zealand, Singapore and the
Philippines. In all, organizations from nine different jurisdictions lodged
submissions.
Winners were chosen based on how an
organization has contributed to providing greater transparency and comparability
in their local market and the region. Submissions were also judged on the
extent of which they have adopted recommendations in the APREA Best Practices
Handbook in the categories of market disclosures, accounting and financial
reporting, property valuation, portfolio performance reporting and corporate
governance.
Ayala Land won awards for the best
Philippines submission and merit awards in the areas of market disclosure and
portfolio performance reporting. It also won an award as the best property
development organisation in the Emerging Markets category. SM Prime won a merit
award in the area of corporate governance.
Lim Swe Guan, CFA, chairman of the
board of APREA says, “We are delighted with the level of best practices
demonstrated by the companies who submitted for the awards this year. We
continually encourage members to adopt the most up-to-date valuation
techniques, adhere to international financial reporting standards and follow
good corporate governance. Combined with a greater transparency of portfolio
performance and provision of reliable timely information to investors, we
believe this will lead to higher investor confidence and wider support for the
industry. We are confident that with the support of our members, who are
leaders in their field, we can make real estate a crucial part of every
investor’s portfolio.”
Peter Mitchell, chief executive
officer of APREA said “We would like to extend our congratulations to Ayala
Land and SM Prime Holdings as industry leaders in best practices. These awards
are held annually to highlight the importance of the recommendations in APREA’s
Best Practices Handbook, which has emerged as a clear benchmark for the region
for managing and reporting performances since it was first published in 2009.”
APREA has developed best practices to
streamline performance measurement and reporting for the real estate investment
industry in the region. The APREA Best Practices Handbook, currently in its
second edition, is intended to be a living document and will be regularly
modified, updated and added to. It contains a series of recommendations for
adoption by the industry in the following areas:
• Accounting and financial reporting
guidelines
• Property valuation Corporate
governance
• Portfolio performance reporting
• Market disclosures
The APREA Best Practices Handbook is
accessible via the APREA website at www.aprea.asia.
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