MANILA - SM Prime Holdings Inc on Tuesday said it has set an P80-billion capital expenditure for 2018 to support the growth and expansion of its businesses in the provinces.
The capex will be allocated to key provincial cities, SM Prime, integrated property and SM malls operator, told the stock exchange.
“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,” SM Prime president Jeffrey Lim said.
SM Prime recently opened SM Center Imus and is set to open SM City Urdaneta Central in Pangasinan and SM City Telabastagan in Pampanga this year.
SM Prime also said it is targeting to launch at least 15,000 residential units this year through SM Development Corp (SMDC) and open its third office building at the Mall of Asia Complex as well as the expansion of Park Inn Hotel in Clark, Pampanga.
Bloomberg earlier quoted SM Prime's vice president Alex Pomento as saying that the company would also build the first Philippine outlet of Swedish furniture brand Ikea within the Mall of Asia complex.