SM Prime Holdings Inc. is investing P400 billion over the next five years with the aim of doubling its revenues and profits by 2018 and the exploration for opportunities to expand in Southeast Asia.

In a press briefing, SM Prime executive vice president Jeffrey Lim outlined the firm’s five-year roadmap which is the result of the recent consolidation of all of the SM group’s real estate-related businesses.

The firm reported a consolidated net income of P16.27 billion last year from revenues of P59.79 billion.

Lim said the P400 billion with start with a P70 billion capital expenditure for 2014 and gradually increase for an average of P80 billion a year. This will mainly funded by internal funds as well as debt.

SM Prime aims to increase the number of its malls to 85 (74 in the Philippines and 11 in China) from the 53 (48 in Philippines and 5 in China) as of the end of 2013. Gross floor area (GFA) will increase to 10.96 million square meters from 6.95 million sqm.

The firm also aims to have launched 41 projects equivalent to 139,628 units by 2018 from 21 projects and 63,892 units launched as of the end of last year.

SM Prime is planning to increase its office towers to 7 with a GFA of 460,000 sqm from 3 towers with a GFA of 150,000 sqm last year.

It will also double its hotels to 10 (2,187 rooms) by 2018 from 5 (1,362 rooms) while also doubling its leisure offerings to 8 (5,477 launched units) from 4 (4,988 units) in 2013.

During the organizational meeting of the board Henry Sy Jr. was elected as the new chairman replacing his father SM Group founder Henry Sy Sr.

Sy Jr. said the firm is also looking overseas other than China for possible investments. “We are looking at southeast Asia since the culture is not so different from ours,” Sy said.

However, he noted that they have not started yet and they are still making plans. Lim said their main focus will remain in the Philippines and China.

For 2014, SM Prime president Hans Sy said they will open malls in Cauayan, Angono and Zibo in China. They will also expand SM Megamall and malls in Bacolod and Lipa and, together with the new malls, this will increase total GFA to 7.5 million sqm by yearend.

SM Prime will also launch three new residential projects with a total of about 7,000 units by the second semester while new towers in four existing projects will be built to accommodate the increasing demand for housing.

Also slated are the ground-breaking for Three E-com office tower in the second quarter of 2014 and the topping off of Five E-com by the third quarter.

SM Prime will also start construction of Park Inn hotel in Clark by the fourth quarter and launch SMX convention center in Bacolod also by the fourth quarter of the year.