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.
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