SM Prime earmarks P180bn for expansion
SM Prime will earmark at least P60 billion (US$1.3 billion) annually for the next three years to sustain its developmental goals.
The property giant is slated to open five new malls in the Philippines this year: SM City Trece Martires in Cavite, SM City Del Monte in Bulacan, SM Cherry Congressional, SM City East Ortigas and SM Cherry Antipolo.
Expansions are also set for SM City Calamba and SM City Naga. By the end of 2016, SM Prime will have 61 malls in the Philippines and six malls in China with an estimated combined gross floor area of 8.6 million sqm.
“SM Prime’s expansion program for the malls remains focused on the provinces which present major opportunities for higher growth and where many areas remain unserved,” SM Prime president Hans Sy said.
This year, SM Prime will also open the Galleon Museum in the Mall of Asia (MoA) Complex, featuring the history of the Acapulco, Mexico trade heritage.
SM Prime also intends to gradually enter the economic housing market by launching new mixed-use developments in Cabanatuan, Pampanga and Cavite in the second half of this year.
The Commercial Properties Group of SM Prime will sustain the growth momentum and increasing demand for modern and innovative office buildings from the BPO companies. ThreeE-Com and FourE-Com Centers are under construction and scheduled for completion in 2018 and 2019, respectively, in the MoA complex.
SM Prime’s hotel group will also open the 347-room Conrad Manila in the second half, which the company thinks will further enhance the value and foot traffic of the MoA Complex. Conrad Manila is the first 6-star hotel of the Hilton hotel brand in the country.
This article first appeared in Inside Retail Asia’s sister site, Inside Retail Philippines.