Business

SM disowns Maragondon demolition site

SM disowns Maragondon demolition site

SM Investments Corporation (SMIC) has issued a statement reiterating that it has never had any ownership of nor is it in any acquisition talks for a property in Barangay Patungan, Maragondon, Cavite that is the subject of a court-ordered demolition.

“The area of the demolition incident that happened last January 13, 2022 is not a property of SM,” the conglomerate said.

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Several residents and policemen were reported to have been injured when the demolition turned violent. The lawmen were trying to enforce a demolition order issued by the Regional Trial Court of Naic as early as 2016.

Patungan is a coastal community along Mt. Palay-Palay where the popular Pico de Loro is located.

Residents claimed that the coastal area has been sold by the Maria Teresa Virata Realty Corporation to Manila Southcoast Development Corporation which plans to convert Patungan into an exclusive beach resort adjacent to Hamilo Coast in Nasugbu, Batangas.