MANILA, Philippines — SM Prime Holdings Inc. is securing a P5 billion syndicated loan before the end of the year to help finance its P21 billion capital expenditures for 2012 in the Philippines and China.

In an interview, SM Prime executive vice president Jeffrey Lim said they will sign the facility before the end of the year since the amount is already committed and will be drawn in 2012.

Lim said they gave the mandate to ING Bank, ANZ and Rizal Commercial Banking Corporation adding that the balance of the capex will be funded internally although SM Prime may decide to increase borrowings depending on its needs and if there are opportunities.

In 2012, Lim said SM Prime will be opening three malls and expanding two more in the Philippines while planning to open one more mall in China.

Lim said they are also eyeing another property for mall development in Cebu but SM Prime has yet to sign an agreement to secure it.

SM Prime also continues to expand in China and now has three properties for mall development in its landbank. Lim said they are also negotiating for another property in Xin Xiang which is about 5 hectares.

“We continue with our strategy towards looking at properties at tier 2 and even tier 3 cities for mall development,” Lim said.

Earlier this year, SM Prime inaugurated SM City Masinag in Antipolo City and SM City Suzhou in China. For the rest of 2011, SM Prime is scheduled to open SM City San Fernando in Pampanga, SM City Olongapo in Zambales, and SM Marketmall in Dasmariñas, Cavite.

The company is also set to expand two of its existing malls namely, SM City Davao in Southern Mindanao and SM City Dasmariñas in Cavite.

By year-end, SM Prime will have 48 malls in the Philippines and in China.