SM Prime Holdings Inc. plans to raise P70 billion in the next three years to partly finance a capital spending of P180 billion for the same period. 

Jeffrey Lim, SM Prime chief finance officer, said the amount will be raised via a bond issuance, using the Securities and Exchange Commission’s shelf registration. 

The bonds will have a tenor of 10 years or more and will be issued over a three year period with the first tranche eyed for issuance by the third quarter of the year. 

“Overall, we are committed to earmark P60 billion annually over the next three years to achieve our development roadmap and income targets by 2018. We are confident that, with your support, we are on our way to realizing our vision,” said Hans  Sy, SM Prime president 

SM Prime is aiming to double its net income to P32 billion by 2018 from P16 billion in 2014 after consolidating all of its property businesses under SM Prime. 

Sy said that while earnings started the year a bit slow, they  began to pick up in February.  “April is still very much on track.” 

Sy said the firm will continue to build new malls while expanding existing ones. 

For this year, SM Prime will open new malls in Trece Martires in Cavite; San Jose del Monte, Bulacan; Cherry Congressional; Cherry Antipolo; and East Ortigas. 

SM Prime will also be redeveloping portions of its Mall of Asia complex, investing P1.5 billion to increase its retail area to 700,000 square meters, making it the biggest mall in the country. 

Up for expansion as well is SM Clark in Pampanga to include office space for the business process outsourcing sector. 

Henry Sy, Jr., SM Prime chairman,  said the residential business will be expanding its product offerings from its core products of affordable condominiums. 

“We will be moving up and below that range,” Sy said, noting that among these will be mid-rise buildings with about two to three bedrooms per unit as well as house and lots worth about P1 million for the economic housing segment. 

SM Prime eyes to launch 12,000 to 15,000 residential units this year, 2,000 units of which will be economic housing. 

Sy said SM Prime is also evaluating areas in the Asean region “to see where we will get the most opportunities.” 

Lim said SM Prime is getting proposals for projects in other countries since it is making a name for itself as an integrated property company.