SM Prime to spend PHP80 Billion on Integrated Property Projects this 2018
(24 April 2018, Pasay City, Philippines) SM Prime Holdings, Inc. (SM Prime), one of the leading integrated property companies in Southeast Asia, has earmarked PHP80 billion this year to support the growth of its key businesses in the country. The capital expenditure will be allocated to reach key provincial cities which demonstrated promising economic progress and for the expansion of the Company’s other businesses.
“The Philippines is projected to register one of the fastest economic growth in South East Asia and this will definitely benefit key cities all over the country,” SM Prime President Jeffrey C. Lim said. “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,” Lim added.
SM Prime has already opened SM Center Imus in Cavite last February, and is scheduled to open SM City Urdaneta Central in Pangasinan and SM City Telabastagan in Pampanga in the first half of 2018.
SM Prime, through SM Development Corporation (SMDC), targets to launch at least 15,000 residential units this year. The Company will continue to develop high-rise building projects as these attract great number of urban dwellers and start-up families. The Company will also expand its mid-rise building and single-detached house and lot projects to address a larger share of the broad housing demand across all segments.
SM Prime will also open this year its third office building in the Mall of Asia Complex, the ThreeE-Com Center, as well as expand the Park Inn Hotel in Clark, Pampanga.
During its Annual Stockholders’ Meeting, SM Prime declared a regular cash dividend of PHP0.30 and special cash dividend of PHP0.05 per share amounting to approximately PHP10 billion to all stockholders of record as of May 9, 2018 and payable on May 23, 2018. This is equivalent to a 39% payout of last year’s net income.
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