SM Prime plans expansion

Filipino property developer SM Prime is earmarking 400 billion pesos ($9 billion) to support its five-year expansion plan.

SM plans to increase its properties including shopping malls two-fold during the period.

It is expecting revenues and net income to double during the same timeframe.

The expansion plan includes expanding its shopping mall count to 85 from the current 53. By 2018, SM Prime plans to have 74 shopping malls in the Philippines and 11 in China.

SM is also endeavoring to find other markets in Southeast Asia to grow its business regionally.

“We believe this will ensure that we will be able to grow and we will be able to improve the economic conditions of the communities we will be serving,” said SM Prime CFO Jeffrey Lim.

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