SM Development Corporation (SMDC) was originally incorporated in 1974 as Ayala Fund, Inc., a closed-end investment company. In March 1986, it was renamed SM Fund, Inc. after the SM Group of Companies took majority ownership of the company. Since then, SM Fund, Inc. remained as an investment company providing investors with a professionally managed vehicle to invest in diversified businesses in the country. In May 1996, SM Fund, Inc. was renamed SM Development Corporation to reflect its new business thrust of property development, whose primary objective is to pursue opportunities in the real estate industry. In line with this, its business proposition was initially directed toward tapping the residential property market near/beside SM shopping malls. The business of securities investment was also retained to provide a regular flow of earnings in the form of interest and dividend income. SMDC's projects include Lindenwood Resources, Berkeley Residences, Grass Residences, Sea Residences, and Field Residences. The company has also accumulated significant land bank within the areas near Metro Manila that could be utilized into residential developments to serve the growing demand for affordable housing. SMDC's subsidiary, SM Synergy Properties Holdings Corporation, handles the development of Chateau Elysee, a mid-rise residential condominium in Paranaque City, and the Mezza Residences in Quezon City. Source: SEC Form 17-A (2008)