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SM bares 28 new projects this year

By Jenniffer B. Austria | Mar. 24, 2014 at 12:01am [ manilastandardtoday.com ]

The SM Group is aggressively pursuing expansion this year, with the rollout of 28 new projects, including 20 supermarkets, three shopping malls and five residential condominium projects.

SM Investments Corp., the holding company of tycoon Henry Sy, said in a prospectus filed with the Securities and Exchange Commission related to the planned P15-billion bond sale, unit SM Prime Holdings Inc. would open one department store, one supermarket, 15 Savemore branches and three hypermarkets in 2014.

The SM Group consolidated its property companies and real estate assets under SM Prime last year.  SM Prime will open three shopping malls this year, including two in the Philippines and one in China.  It will also expand four existing malls.

Two new SM malls will open in the country, including one in Cauayan, Isabela and another in Angono, Rizal.  SM Prime will open SM Zibo in China, the company’s sixth shopping mall outside the Philippines. SM Zibo will have 154,000 square meters of gross floor area.

SM Prime currently has five malls in China located in the cities of Xiamen, Jinjiang, Chengdu, Suzhou and Chongquing with a total gross floor area of around 800,000 square meters.

“By the end of the year, SM Prime malls will have an estimated 7.5 million square meters of total gross floor area,” SM Investments said.

SM Prime’s residential arm SM Development will also launch five new and expansion projects with a total of 10,600 condominium units.

SM Retail had a total of 241 stores as of end-2013.  These stores included 48 SM Department stores, 39 SM Supermarkets, 39 SM Hypermarkets, 93 SaveMore branches and 22 Walter Mart supermarkets.

SM Prime, one of the leading property developers in Southeast Asia, booked a net income of P16.27 billion in 2013, slightly higher than P16.20 billion posted in 2012, following a one-time restructuring cost.

Consolidated revenues rose 5 percent to P59.79 billion from P57.22 billion a year ago as rental revenues, which accounted for 54 percent of the total, increased 11 percent to P32.20 billion from P28.95 billion in 2012.

The reorganization of the SM Group last year paved the way for the delisting of SM Development and Highlands Prime Inc. from the stock market, the merger of SM Land and SM Prime with the latter as the surviving entity and the injection of the SM group’s real estate assets and shares in property companies into the mall developer.

SM Prime’s consolidated net income in 2013 would have increased by 8 percent to P17.55 in 2013, minus the restructuring cost, which amounted to P1.28 billion,
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