MANILA – SM Prime Holdings Inc. said it will increase its spending this year to P80 billion as it continues to expand its mall, office, and residential business.

SM Prime, owned by the country’s richest man Henry Sy, Sr., said it plans to increase its mall space in the country by 12 percent and launch five high-rise residential projects with at least 11,000 units this year.

It is also set to open its fifth office building at the Mall of Asia Complex.

“SM Prime’s aggressive expansion programs this year and in the coming years are a testament to management’s confidence that the economic growth of the Philippines will be sustained over the medium term and will eventually have a positive impact on the provinces as growth spreads to these areas. We have increased our budget to over P330 billion in the next four years until 2018, reflecting our solid commitment to support this growth,” SM Prime president Hans Sy said.

The new SM malls will open in San Mateo, Rizal; Nueva Ecija; Seaside City in Cebu; and Caloocan. Existing malls in Lipa, Batangas and Iloilo will also undergo expansions.

The mall space expansion in these areas is expected to add almost 800,000 square meters of gross floor area and will increase SM Prime’s total mall space to 7.3 million square meters by end 2015.

The five new high-rise condominiums, meanwhile, are located in Mandaluyong, Quezon City, Taguig and Tagaytay, and at the MOA Complex.

SM Prime executive vice president Jeffrey Lim said the property developer plans to raise up to P30 billion in five- to 10-year loans to finance its 2016 capital spending.

He added that the company will likely raise about P20 billion to P30 billion in the third quarter.