By Jenniffer B. Austria | Jul. 14, 2014 at 12:01am [ manilastandardtoday.com ]
SM Prime Holdings Inc., the country’s largest property developer, is preparing to roll out 12 new shopping malls starting in the second half of 2014 until 2016.
Documents filed with the Securities and Exchange Commission showed SM Prime was scheduled to open SM Angono in the second half of the year and four new malls in 2015. These include SM City Seaside Cebu, SM Butuan, SM Cagayan de Oro 2 and SM San Mateo.
Seven new malls with combined gross floor area of 447,000 square meters are also scheduled for completion by 2016. These are located in Quezon City, Cabanatuan City, Caloocan City, Tacloban City, Dagupan City, Puerto Princesa City and Cavite.
SM Prime is renovating two existing malls in Sta. Rosa (Laguna) and The Bloc (North Edsa) and is expanding two malls, namely SM Bacolod and SM Lipa.
Funding for the new malls will come from the proposed P25-billion maiden bond issuance of SM Prime scheduled in the third quarter of 2014.
SM Prime earlier said it would issue fixed-rate bonds worth P15 billion with maturities of 5.5, 7 and 10-year bonds and with an oversubscription of P10 billion.
SM Prime set indicative rates of 4.5479 percent to 5.579 percent for the 5.5-year bonds, 4.8013 percent to 5.8013 percent for the seven-year bonds and 5.1500 percent to 6.1500 percent for the 10-year bonds.
SM Prime tapped BDO Capital & Investment Corp., BPI Capital Corp., China Bank and First Metro Investment Corp. as the joint lead underwriters for the offering.
SM Prime has 49 malls in the country, with the recent opening of SM Cauayan in Isabela. It also has five malls in China.