MANILA - SM Prime Holdings said Monday it was expecting to spend at least P80 billion for its capital expenditures for its malls and residential projects this year.
SM is planning to open 3 new shopping malls and expand several existing branches, the Sy-led firm told the stock exchange.
The new malls and expansion projects will add some 367,000 square meters of gross floor area to its portfolio, SM Prime said.
Shopping malls and retail trade were severely affected by the COVID-19 pandemic last year, but malls are now able to operate at limited capacities.
Mall operators earlier offered rent relief to tenants to assist small businesses during the lockdown.