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SM Prime allots P66b for projects

By Jenniffer B. Austria | Mar. 04, 2015 at 11:10pm [ manilastandardtoday.com ]

SM Prime Holdings Inc., the country’s leading integrated property developer, is investing P66 billion this year to open more shopping malls, residential projects, office buildings and hotels.

SM Prime said in a filing with the stock exchange the funds for this year’s capital expenditures would come from internally generated funds and external borrowings.

The group’s mall business unit will open four new malls in Sangandaan, Cabanatuan and San Mateo in the Philippines and Zibo in China.  It will also expand SM City Iloilo and SM City Lipa.

It said by end-2015, the mall business unit would have 53 malls in the Philippines and six in China, with a combined gross floor area of 7.8 million square meters

SM Prime said for the residential business, it would launch five new projects and expand five existing towers in Metro Manila and in Tagaytay, equivalent to about 19,000 additional units.

SM Prime currently has 25 residential projects in the market, including 23 in Metro Manila and two in Tagaytay.

The company’s commercial properties group said it expected to complete Five E-com Center, a business process outsourcing office building at the Mall of Asia complex in Pasay City in the first quarter of 2015.  Also under construction in the same area is Three E-com Center, which is scheduled for opening by 2016.

SM Prime has four BPO office buildings at the Mall of Asia complex, with an estimated gross leasable space of 122,000 square meters.

SM Prime said it was also set to open the 155-room Park Inn by Radisson in Clark, Pampanga and 347-room Conrad Hotel Manila at the Mall of Asia complex in Pasay in the fourth quarter of 2015.

SM Prime’s hotel and convention center portfolio is composed of four hotels located in Tagaytay City, Batangas, Cebu City and Davao City and four convention centers with over 35,715 square meters located in Pasay City, Taguig City, Davao City and Bacolod City.
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