Mall developer SM prime Holdings, said Thursday it could exceed its income target of P5.4 billion this year, due to the unprecedented performance of The Mall of Asia in Pasay City and the scheduled openings of other shopping malls.

A million people were reported to have flocked to the opening of Mall of Asia on May 21.
 
The P6.5-billion mall, located on the 60-hectare SM Central Business Park, hosts 600 shops and 750 dining outlets. It also houses the country’s first large-format IMAX movie house.

“I don’t want to give figures right now but its possible,said SM Prime president Hans Sy.

Apart from the Mall of Asia, the company will also open this month the SM Supercenter Frontera Verde on C-5 Road in Pasig City, and the SM City Lipa, Batangas.

In the pipeline is an allocated 118.7 hectares for development in 14 locations, including Marikina, Parañaque, Muntinlupa, Bulacan, Tarlac, Laguna and Pangasinan.

SM Prime said it intends to build at least four to five malls annually for the next three years.

This year the company is allotting capital expenditure of P7 billion to bankroll the building of the new malls and acquisition of land.

Of the amount, around P5 billion will be raised through borrowings while the balance would be supported by its internal cash.