SM Prime to Earmark PHP180 Billion for 3-Year Expansion
SM Prime Holdings, Inc. (SM Prime), the Philippines’ leading integrated property company, will earmark at least PHP60 billion annually for the next three years to sustain its developmental goals.
“SM Prime’s expansion program for the malls remains focused on the provinces which present major opportunities for higher growth and where many areas remain unserved. In the housing sector, we will continue to serve the Metro Manila area but will slowly move towards the provincial areas in the medium term. The emergence of the Philippine economy will allow us to be of greater service to as many communities as we could possibly reach,” SM Prime President Hans T. Sy said.
The company is slated to open five new malls in the Philippines this year. These are SM City Trece Martires in Cavite, SM City San Jose Del Monte in Bulacan, SM Cherry Congressional, SM City East Ortigas and SM Cherry Antipolo. In addition to the new malls, the company will be expanding SM City Calamba and SM City Naga. By end 2016, SM Prime will have 61 malls in the Philippines and six malls in China with an estimated combined gross floor area (GFA) of 8.6 million sqm.
Over the past three decades, SM malls have become more than just a shopping experience for the Filipinos. These have become the destination malls that create a whole new experience. This year, SM Prime will also open the Galleon Museum in the MoA Complex, which will bring to life the country’s rich Manila - Acapulco, Mexico trade heritage.
In residential development, SM Prime, through SM Development Corporation (SMDC), will launch between 11,000 to 14,000 units in Quezon City, Bicutan and Sucat in Paranaque, Las Piñas and Pasay at the Mall of Asia (MoA) Complex. SM Prime also intends to gradually enter the economic housing market by launching new mixed-use developments in Cabanatuan, Pampanga and Cavite in the second half of this year.
The Commercial Properties Group of SM Prime will sustain the growth momentum and increasing demand for modern and innovative office buildings from the Business Process Outsourcing (BPO) companies. ThreeE-Com and FourE-Com Centers are under construction and scheduled for completion in 2018 and 2019, respectively. When completed, these office buildings will add 236,000 sqm (GFA) and become the newest architectural landmarks in the MoA complex.
SM Prime’s hotel group will open the 347-room Conrad Manila in the second half which will further enhance the value and foot traffic of Mall of Asia (MoA) Complex. Conrad Manila is the first 6-star hotel of the Hilton hotel brand in the country. This is the first certified U.S. Green Building Council's LEED® in the MoA Complex. Conrad Manila is inspired by the world-class sunset of the Manila bay, envisioned as a floating vessel that cruises on a stylish urban resort atmosphere, perched atop an upscale lifestyle mall called S’Maison.
During its Annual Stockholders’ Meeting held today, SM Prime declared a cash dividend of twenty-three (P0.23) centavos per share amounting to P6.64 billion in favor of all stockholders of record as of April 29, 2016 and payable on May 12, 2016. This is equivalent to 35% of last year’s Philippine Net Income, excluding one-time gain on marketable securities. On the same event, SM Prime shareholders elected Executive Vice President Jeffrey Lim as the newest member of its Board of Directors.
SM Prime recognizes the value of good governance in the operation of its business, and continues to foster its culture of good corporate governance through the continued review and development of its policies and programs.
SM Prime remains committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities, thereby enriching the quality of life of millions of people.
For further information, please contact:
Vice President, Investor Relations
SM Prime Holdings, Inc.
Tel. no.: +632 862 7940