The Securities and Exchange Commission has approved the proposed listing of PNB Holdings—the property arm of tycoon Lucio Tan’s Philippine National Bank (PNB)—at a conservative valuation of 56.3 billion pesos ($944 million).

The lender spun off its property unit in 2021 and distributed 51% of the shares in the company, which owns prime real estate in the Makati central business district and the Manila Bay precinct, to the bank’s shareholders as dividend. PNB Holdings will be listed by way of introduction, without raising fresh capital.

“Market conditions remain an important consideration for PNB Holdings,” Ponciano Carreon Jr., chief........

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