SM Prime sets P80 billion in capital expenditure for 2022

Warren De Guzman, ABS-CBN News

Posted at Apr 25 2022 07:23 PM | Updated as of Apr 25 2022 08:43 PM

Bike riders pass by the globe near the facade of the Mall of Asia in Pasay City on September 26, 2020. George Calvelo, ABS-CBN News/File
Bike riders pass by the globe near the facade of the Mall of Asia in Pasay City on September 26, 2020. George Calvelo, ABS-CBN News/File


MANILA - SM Prime Holdings Inc has set P80 billion in capital expenditure for 2022, its President Jeffrey Lim said Monday.

At least 20 percent of the capex set will be allocated for land banking, Lim said during SM Prime's annual shareholders' meeting.

The Sy-led group opened SM City Roxas last April 8 with 3 other malls set to be opened in the rest of the year.

“For 2022 we are targeting P80 billion in capital expenditure for the year. Twenty percent will be for land banking. The rest will be for developments of malls, residential, etc," Lim said. 

Lim added that their plans for the year would depend on market conditions "especially with what we are seeing outside. The zero COVID policy in China, the war in Ukraine, plus COVID."

But despite potential headwinds, SM Prime remains optimistic for the year, Lim said.

“Given what is on the ground now, and what we have seen since we have started the reopening and Alert Level 1 since March, things are positive," he said.

"We believe that even if we are not able to reach pre-pandemic level before the end of the year, at least we should target between 80 to 90 percent, so we are optimistic about the prospects for 2022," he added. 

SM Prime Holdings is the real estate arm of the Sy Group. Its portfolio includes over 70 malls in the Philippines and 7 malls in China.

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