SM Prime Holdings, Inc. Provides Capital Expenditures Guidance for the Next Two Years to Expand Its Mall and Residential Property Businesses
April 25, 2017 at 08:54 pm EDT
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SM PRIME Holdings, Inc. is allocating PHP 100 billion in capital expenditures in the next two years to expand its mall and residential property businesses. SM Prime announced that 80% of capital expenditures will be used for the development of shopping malls and residential projects, while the rest will be used for landbanking. This year, SM Prime will be opening five new malls located outside of Metro Manila - SM CDO Downtown Premier in Cagayan de Oro, SM Cherry Antipolo in Rizal, SM Center Tuguegarao Downtown in Cagayan, SM City Puerto Princesa in Palawan and SM Center Lemery in Batangas. This would bring the total number of SM malls in the country to 65 by end 2017.
SM Prime Holdings, Inc. is a Philippines-based integrated property developer, which is engaged in the development of malls, residences, offices, hotels and convention centers. The Company has approximately 82 malls in and outside Metro Manila and eight shopping malls in China, totaling 10.5 million square meters of Gross Floor Area (GFA). In the Philippines, the Company has a total of 19,919 tenants and 1,952 tenants in China. The Mall segment develops, conducts, operates and maintains the business of modern commercial shopping centers and all businesses related thereto. Residential and commercial segments are involved in the development and transformation of residential, commercial, entertainment and tourism districts through sustained capital investments in buildings and infrastructure. The Hotels and Convention Centers segment is engaged in and carries on the business of hotel and convention centers and operates and maintains any and all services and facilities incident thereto.
SM PRIME HOLDINGS, INC. 
