By Jenniffer B. Austria | Apr. 16, 2014 at 12:01am [ manilastandardtoday.com ]
SM Prime Holdings Inc. the country’s biggest integrated property developer owned by retail magnate Henry Sy Sr., is spending P400 billion from 2014 to 2018 as it aims to double net income and revenues over the next five years.
SM Prime chief finance officer Jeffrey Lim said in an interview following the annual stockholders’ meeting that the company would increase the number of shopping malls to 85 from 2014 to 2018, including 74 in the Philippines and 11 in China. SM Prime currently has 48 malls in the Philippines and five in China.
SM Prime, meanwhile, plans to nearly double its residential projects to 41 from current 21 and increase the number of condominium units to 140,000 from the current 64,000 units.
The property firm also aims to double its number of hotels to 10 from five to boost rooms to less than 2,000 and hike its so-called lifestyle cities to eight from current four.
“From 2013, both revenues and net income will most double over the next five years. We believe we will be in better position to take SM prime in a new level. We are optimistic and confident about the future of SM Prime,” Lim said.
The group’s shopping mall and residential businesses will continue to be the major source of growth over the next five years. SM Prime will continue to expand its recurring income base over the long-term period through its hotel, office and conventions businesses.
SM Prime chairman Henry Sy Jr. said the group might invest in other Southeast Asian region as part of the Asean economic integration.
“For the next five years we are endeavoring to find other markets in Southeast Asia. There are a lot of opportunities out there and with our skills, we are poised to go further outside the Philippine shores,” Sy Jr. said.