SM Prime allocates P50B a year to capex until 2018

Integrated property company SM Prime Holdings Inc. on Tuesday said it allocated P50 billion a year to capital spending, starting this year until 2018, to support its development goals.

The company said 80 percent of its capex will be spent on project developments –  largely mall and residential – and 20 percent on land banking.
 
“SM Prime will continue to expand its mall and residential businesses which are the major revenue drivers. We will further reach out to provincial cities as an integrated property developer and as a strategic partner, given the tremendous opportunities in light of higher government spending on infrastructure development across the country,” SM Prime President Jeffrey C. Lim said.

The company will open five new malls this year, all outside Metro Manila – SM CDO Downtown Premier in Cagayan de Oro, SM Cherry Antipolo in Rizal, SM Center Tuguegarao Downtown in Cagayan, SM City Puerto Princesa in Palawan and SM Center Lemery in Batangas.

"By the end of 2017, SM Prime will have 65 malls in the Philippines and seven malls in China with an estimated combined gross floor area of 9.2 million square meters," SM Prime said.

Forty-three percent of SM malls are in Metro Manila, 35 percent in Luzon outside Metro Manila, 14 percent in the Visayas and 8 percent in Mindanao. — Jon Viktor Cabuenas/VDS, GMA News