SM Investments pegs P73bn for expansion
SM Investments (SMIC), the holding company of tycoon Henry Sy, has pegged P73 billion (US$1.4 billion) for expansion this year.
In an investors presentation, SMIC says it has earmarked P62.7 billion for property unit SM Prime Holdings to build malls, offices, hotels and residences. Earlier, SM Prime Holdings said it planned to open four malls this year – Cherry SM Antipolo (Rizal), SM Premier Cagayan de Oro, SM Puerto Princesa (Palawan) and SM Tuguegarao (Cagayan Valley).
A budget of P5.2 billion has been set for its retail business, primarily to open and renovate stores.
Aside from core businesses, SM Investments also has a significant stake in entertainment and leisure developer Belle and community mall developer CityMalls Commercial.