SM Prime Holdings Inc., the real estate unit of tycoon Henry Sy, is preparing another three to five-year development plan that will further strengthen its position as the country’s leading integrated property developer.
SM Prime president Jeffrey Lim said in a recent interview the group was focusing on achieving its targets first under the current five-year plan covering 2013 to 2018.
“We are working on that. But we have focus first on the initial five-year target and then we craft a new target for another three to five years,” Lim said.
“We will announce that in due time,” he added.
SM Prime plans to open 75 malls by 2018 from 48 at the end of 2013.
The company on residential development plans to build 138,000 units from 70 projects by the end of 2018 from 63,892 units from 21 projects at the end of 2013.
For office development, SM Prime committed to build seven projects offering 510,000 square meters of gross floor area from 150,000 sq. m. from three projects in 2013.
SM Prime aims to build 2,187 hotels rooms from six projects from 1,015 rooms from four projects at the end 2013 on hotels and leisure projects.
SM Prime as of end March 2017 had 60 malls, six office projects with 383,000 sq. m. of GFA and six hotels with over 1,500 rooms.
SM Prime said its had sufficient landbank, totaling 1,227 hectares, which is good for development over the next five to seven years. The company’s landbank is also geared toward provincial expansion.
SM Prime earlier earmarked P100 billion in capital expenditures for 2017 to 2018 to ensure its five-year plan is achieved.
The group recently raised P20 billion from issuance of seven year bonds due 2024. The bond offering represents the second tranche of the P60-billion bond shelf registration approved by the Securities and Exchange Commission.
SM Prime chief finance officer John Ong said the company would study its funding options for the remainder of the year.
