Property giant SM Prime Holdings, Inc. (SMPH) is set to build four to five malls next year, which forms part of the conglomerate’s medium-term investment strategy to grow the number of its malls to 85 in the next five years.

Likewise, the company is allotting a P1.5-billion investment over a period of one year to expand its first integrated complex in the country, Mall of Asia (MOA).

SM Prime executive vice president and chief finance officer Jeffrey Lim said in an interview with reporters that next year, the company will establish four to five malls across the country.

Although he didn’t mention all the location, he said some of these malls will be in Bulacan, Cebu, and Cabanatuan.

To date, the group has 50 malls in the country and five malls in China.

SMPH 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.

The outlined five-year roadmap of SM Prime is the result of the consolidation of all of the SM group’s real estate-related businesses.

In the next five years, SM Prime aims to increase the number of its malls to 85, 74 of which would be in the Philippines and 11 would be in China. Gross floor area (GFA) will increase to 10.96 million square meters from 6.95 million sqm.

Earlier, SM Prime reported a 12 percent hike in consolidated net income increase to P3.7 billion in the third quarter of 2014 from P3.3 billion in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said this brought nine months 2014 income and revenue figures to P13.5 billion, up by 12 percent, and P47.8 billion, up by 9 percent, respectively.

“Our first year as a consolidated property business is proving to be rewarding not only in terms of our strong financial performance,” said SM Prime president Hans T. Sy.

He noted that, “we are now enjoying the scale and the synergy that the whole group brings to the table, which allows us to plan and execute our projects in a manner that will provide greater value and more enhanced lifestyles for our customers.”

SM Prime’s rental revenues from retail and commercial space grew by 11 percent to P26.4 billion from P23.8 billion in 2013 in the first nine months of the year. The group accounted for 55 percent of SM Prime’s consolidated revenues.

Management attributed the increase in rental revenue mostly to the new malls that opened and the expansion of existing malls in 2013 and 2014, namely, SM Aura Premier, SM City BF Parañaque, Mega Fashion Hall in SM Megamall, and SM City Cauayan, with a combined total gross floor area of 527,000 square meters.

Part of the growth also came from Two E-com Center in Mall of Asia Complex which opened in 2013 and is now fully occupied. Meanwhile, same-store rental grew by 7 percent, sustaining the growth posted in the first half of the year.