Regional property giant SM Prime Holdings Inc. has earmarked P80 billion for capital spending this year, seeking to further expand its shopping mall, residential, office and hotel businesses.
In a regulatory filing, SM Prime said it would open five new malls in the Philippines to boost its total network to 86 by the end of the year, of which 7 are located in China, with an estimated combined gross floor area of almost 10.2 million square meters.
SM Prime is also scheduled to roll out 15,000 to 20,000 residential condominium units that include high-rise, mid-rise and single-detached housing and lot projects in Metro Manila and and other key cities in the provinces. It currently has 49 residential projects, 31 of which are in Metro Manila and10 are outside Metro Manila.
For its office projects, the company will launch Four-Com Center located in the Mall of Asia Complex. It has 12 office buildings with a combined gross floor area of 695,000 square meters.
For the hospitality business, SM Prime is slated to to expand Park Inn by Radisson Clark and open Park Inn by Radisson Bacolod to add 251 rooms in its portfolio. It currently has a portfolio of four convention centers, three trade halls and eight hotels with over 1,900 rooms. This includes Park Inn by Radisson Iloilo and Park Inn by Radisson North EDSA which opened in April 2019 and September 2019, respectively.
The retail group, on the other hand, plans to open 4 SM Stores, 3 SM Supermarkets, 12 Savemore stores, 9 Walter Mart stores, 346 Alfamart stores and 124 Specialty stores.
Capex will be funded through internally generated sources and other capital raising initiatives such as bond issuances and loan availments.
