SM Development Corporation is a real estate firm and subsidiary of SM Investments Corporation, the investment holding company of Henry Sy. It is one of the fastest growing real estate companies in the Philippines that is engaged in condominium development. Cityland Development Corporation holds the no. 1 position in the number of condominium units built. Currently, the company has 17 high-rise condominiums in its portfolio. Being a pioneer in mall development, Henry Sy's foray into the home sector of the real estate industry in the Philppines is buoyed by the multibillion-dollar foreign remittances of Filipino overseas workers abroad which as of 2011 runs to about $20 billion.