Filipino mall developer SM Prime has outlined a three year investment strategy, committing 88 billion pesos (US$2.12 billion) to drive expansion in the Philippines and China.

For 2013, SM Prime plans to open two new malls in the Philippines – SM Aura Premier in Taguig City and SM City BF in Paranaque City.

The developer, which currently owns 46 malls in the Philippines and five in China, is optimistic about the potential of shopping mall industry after its net income for the first three months of 2013 increased 15 per cent.

“SM Prime’s performance for the first three months of the year sets an optimistic tone for 2013,” said SM Prime president Hans Sy.

“We expect to sustain this growth trend for the next quarter as consumer spending gets a boost from election spending. Moreover, we will push through with our expansion plans given the positive economic outlook.”

The five malls in China contributed nine per cent of the total consolidated revenues. Gross revenues of the China malls increased 11 per cent largely due to improved mall productivity and lease renewals for the first three malls opened namely SM Xiamen, SM Jinjiang and SM Chengdu.

By the end of this year, SM Prime will have 48 malls in the Philippines and five in China.