SM Prime Holdings Inc. (SMPH.PS), one of Southeast Asia’s largest property developers, is pursuing a long-term strategy centered on expansion, regional development, and diversification, the company said.
SM Prime President Jeffrey C. Lim said the group is focused on improving how Filipinos “live, work and connect,” through sustainable and people-oriented projects.
The company will add over 316,000 square meters of new gross floor area to its mall portfolio and redevelop more than 309,000 square meters of existing space to boost efficiency and revenues.
New malls in Laoag, La Union, and Zamboanga are slated to open by 2025, targeting growth in underserved provincial areas.
Meanwhile, SM Prime is also entering the premium residential market, with a new brand to launch in Metro Manila and units starting at PHP15 million.
“For certain developments, we’ll go it alone; for others, we welcome partners,” said Jose Juan Z. Jugo, EVP for the premium residential segment.
The company is backed by a PHP100 billion capital expenditure plan for 2025.
As of March, SM Prime’s total assets stood at PHP1.05 trillion, up 3% from end-2024. Q1 net income rose 11% to PHP11.9 billion, supported by revenue growth and cost discipline.
Reservation sales in the residential segment reached PHP11.6 billion in Q1, down from PHP27.1 billion a year ago, but the company expects full-year sales to grow 5–10%, said Grace Sta. Ana, EVP of SMDC.
Business News Asia