SM Prime Holdings Inc. on Tuesday said it has earmarked P80 billion in capital expenditures (capex) this year to support the growth of its key businesses.
The capex will be allocated to reach key provincial cities that demonstrate promising economic progress and for the expansion of other businesses, it said.
“The Philippines is projected to register one of the fastest economic growth in Southeast Asia. This this will definitely benefit key cities all over the country,” SM Prime president Jeffrey C. Lim said.
“We want to take advantage of the fast-growing provincial areas in the Philippines with increasing urbanization and commercialization stemming not only from robust domestic demand but also from increasing investments in the country,” Lim said.
SM Prime opened SM Center Imus in Cavite in February, and is scheduled to open SM City Urdaneta Central in Pangasinan and SM City Telabastagan in Pampanga in the first half of 2018.
SM Prime, through SM Development Corp., targets to launch at least 15,000 residential units this year. The company will continue to develop high-rise building projects, as these attract a great number of urban dwellers and start-up families.
It will also expand its mid-rise building and single-detached house-and-lot projects to address a larger share of the broad housing demand across all segments.
SM Prime will also open this year its third office building in the Mall of Asia Complex, the Three E-Com Center, as well as expand the Park Inn Hotel in Clark, Pampanga.
Image credits: Nonie Reyes