SM Prime sets P80 billion capex in 2019 to fund expansion

ABS-CBN News

Posted at Apr 23 2019 04:32 PM

MANILA - SM Prime Holdings Inc on Tuesday said it allotted around P80 billion capital expenditure to fund integrated property developments and other expansion plans this year. 

It will support the group's land banking and other plans in key cities nationwide, the shopping mall operator said in a disclosure to the stock exchange. 

SM Prime said it planned to add 200,00 square meters of gross floor area to its total mall portfolio this year.

SM Prime, through the group's residential business SM Development Corp (SMDC), also plans to launch 15,000 to 20,000 residential units this year "to address the growing demand among local and foreign buyers," the statement said. 

The Sy-led property developer said it would launch NU Tower, a university-office building in the Mall of Asia Complex, and 2 new hotels in Iloilo and Quezon City this year.