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SM Prime allots P65b for 2016

SM Prime Holdings Inc., the country’s largest integrated real estate developer, said capital expenditures in 2016 will reach P65 billion, higher than P64 billion programmed spending for this year.

SM Prime said in a regulatory filing it would earmark about 52 percent of the 2016 capital spending for shoppings malls, 38 percent for residential, 7 percent for commercial and 3 percent for hotels and convention centers.

“SM Prime plans to fund its capital expenditure through recurring income flows and external financing,” the property developer said.

The company said its mall expansion plans were geared towards major cities outside Metro Manila.  It said per capita income and rent per square meter in several cities were already comparable to Metro Manila, as business process outsourcing companies expanded to the provinces.

The group said it still planned to expand in Metro Manila, by developing supercenters, or malls consisting of less than 100,000 square meters of leasable space.

“SM Prime believes that the current demand backlog for leases in several of its developments provides an opportunity for further mall expansion,” the company said.

SM Prime said in 2016, it planned to open six new malls, including SM City San Jose Del Monte with 114,186 square meters gross floor area, SM Commonwealth with 20,877 sqm, SM City Trece Martirez with 49, 498  sqm, SM Tuguegarao with 16,181 sqm, SM City Puerto Princesa with 58,168 sqm and SM Urdaneta with 58,168 sqm.

It will also expand two malls, including SM City Calamba and SM City Sucat with 62,000 sqm and 78,000 sqm of GFA, respectively while SM Molina and SM Sucat would be renovated.

SM Prime will also open three new malls in 2017, including SM Cagayan de Oro with 28,971 sqm, SM Caloocan with 102,086 sqm and SM Dagupan with 87,366 sqm.

SM Prime had 53 malls in the Philippines and five malls in China as of end-June.

It is the largest integrated real estate developer in Southeast Asia by market capitalization and the the largest shopping mall developer in the Philippines in terms of gross leasable space.

Share price of SM Prime ended the week at 19.84, down P2.51 from previous week’s close.

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