Property developer SM Prime Holdings, Inc. (SMPH) plans to invest up to P33 billion in 2025 to expand its commercial property businesses including malls, hotels and offices.
The investment aims to capitalize on expected economic growth and increased consumer demand, the company said in a disclosure to the stock exchange Thursday.
“We expect moderating inflation, easing interest rates and election-related spending to fuel our growth in 2025,” SMPH president Jeffrey Lim said.
“Our malls should do well and our office, hotel and convention centers could provide additional upside,” Lim said.
About P21 billion will be allocated to expand the gross floor area (GFA) of SM Prime’s malls. This involves adding 205,400 square meters through new developments and redeveloping 124,488 square meters of existing space. By the end of the year, the total GFA of its mall portfolio is projected to reach 8.08 million square meters.
Around P6 billion will be invested in the hospitality and meetings, incentives, conferences and exhibitions (MICE) sectors. This investment will fund the construction of two convention facilities, the renovation of hotel rooms, and the addition of new food and beverage facilities in existing hotels.
SM Offices, a division of SM Prime, will invest P6 billion to develop new office towers and workspaces. These include the Six E-Com Center, a two-tower, Grade A office complex within the Mall of Asia Complex, designed to cater to technology-driven industries and business process outsourcing (BPO) firms. These investments reflect SM Prime’s commitment to expanding and enhancing its commercial properties to drive growth, attract businesses and meet evolving consumer demands.