SM Prime Holdings Inc. will be spending P100 billion this year, the Sy-controlled integrated developer said on Monday.
“We expect election-related spending, easing interest rates and higher tourism spending to fuel our growth in 2025,” Jeffrey Lim, SM Prime president, said in a statement.
“Our growth will be driven by the malls business, while our robust project pipeline will enhance the expansion of strategic initiatives across our diversified portfolio,” Lim added.
Early this month the company said it will use P33 billion of its capital expenditures to expand existing commercial space.
Completing the P100 billion is P67 billion allotted to the group’s residential and integrated property development business.
SM Prime said a portion of P67 billion allotted to residential and integrated property development will go to regional, premium and leisure developments.
The company is looking at developing large, mixed-use, master-planned urban centers in Luzon and the Visayas.
Mall development will cover an additional 205,400 square meters (sq.m.) of retail space and upgrade its existing 124,488 sq.m. of space.
“The company anticipates a year-end total GFA (gross floor area) of more than 8 million square meters for its malls portfolio,” it said.
The company will also develop new office towers and workspaces, including Six E-Com Center, a Grade A office tower in the Mall of Asia Complex designed for technology- driven industries and BPO firms.
“The expansion is a result of robust tenant demand for existing inventory,” SM Prime said.
These planned investments will bring us to a position of meeting evolving customer needs while driving the company toward its next phase of growth, Lim said.
