SM Prime Holdings, Inc. (SM Prime)  has budgeted over P330 billion in the next four years until 2018 – of which almost P80 billion will be spent in 2015  — to support its aggressive expansion program. 

This year, the company will increase by 12 percent its mall space in the Philippines and intends to launch five high rise residential projects with at least 11,000 units. 

Also this year, SM Prime will open an office building on its Mall of Asia Complex property bringing the company’s total office portfolio to five. 

SM Prime allocated 70 percent of its capital expenditure for this year for project developments while the rest is for land banking.

 “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. reflecting our solid commitment to support this growth,” said Hans Sy, president of SM Prime.

This year, SM Prime said mall expansions in the Philippines are geared towards the provincial areas with the opening of SM City San Mateo in Rizal, SM City Cabanatuan in Nueva Ecija, and SM Seaside City Cebu. One  Metro Manila mall will open this year,  SM City Sangandaan in Caloocan. 

SM Prime is also expanding existing malls SM City Lipa in Batangas and SM City Iloilo. Combined, these malls will add almost 800,000 square meters of gross floor area. 

These will increase SM Prime’s total mall space by 12 percent to 7.3 million square meters by end 2015. 

The biggest of these mall developments is SM Seaside City Cebu, located within the SM Seaside Complex in the South Road Properties (SRP) in Cebu which is  the second “lifestyle city” project of the company after  Mall of Asia Complex in Pasay. 

The SM Seaside Complex will be an integrated property development that combines the construction of malls, offices, an arena, residential buildings, a five-star hotel and convention centers. The complex will feature “The Cube,” a steel sculpture that symbolizes strength, stability, and SM Prime’s continued commitment to excellence.

SM Prime’s residential unit will launch at least five new high rise condominiums with about 11,000 units in total in the cities of Mandaluyong, Quezon City, Taguig and Tagaytay, and at the MOA Complex. 

SM Prime will also add new towers in five existing projects that will be built to accommodate the increasing demand for housing by most Filipino households and young professionals.

The Commercial Property Group of SM Prime will continue to build more  facilities for the business process outsourcing companies. 

This year, the 129,000 square meter FiveE-com Center will be ready for occupancy.