Philippine property developer SM Prime Holdings has committed PHP80 billion (US$1.53 billion) for constructing four new malls, residential units and mixed-use spaces this year.

The additional capital is intended to support expansions that include opening an additional 200,000sqm of retail space in “developing provincial cities”, including Pangasinan, Zambales, Butuan and Zamboanga.

As at the end of last year there was 8.3 million sqm of retail space in 72 SM malls throughout the Philippines.

The firm is also developing new projects and converting mall spaces into mixed-use land.