THE NEWLY CONSOLIDATED property business of the Sy family yesterday unveiled a plan to nearly double both revenues and profit in five years.

The plan was announced during the investors’ briefing SM Prime Holdings, Inc. held at SMX Convention Center in Pasay City.

“From the current level in 2013, both revenues and net income will almost double within the next five years,” SM Prime Chief Financial Officer Jeffrey C. Lim said during the briefing, referring to the P16.275-billion net income and P59.794-billion total revenues in 2013.

The plan involves some P400 billion in capital expenditures up to 2018 — to be financed by both internally generated cash and debt — to spur both mall and residential property businesses.

Mr. Lim confirmed after the briefing plans to raise P20 billion from the sale within this quarter of seven- to 10-year retail bonds, and to borrow a total of $300 million from banks. Funds raised will be used partly for “land banking initiatives in China,” Mr. Lim said.

The plan aims to increase malls to 85 — 74 in the Philippines and 11 in China — from 48 currently, with gross leasable area rising to 11 million square meters (sq. m.) from 7 million sq. m. in 2013.

It will also increase number of residential projects to 41 from 21 currently, involving an increase to 140,000 sq. m. from 64,000 sq. m.

Other developments include increases in office developments to seven towers from the current three, hotels to 10 from five, and leisure-oriented projects to eight from four currently.

Parent conglomerate SM Investments Corp. (SMIC) had disclosed earlier this month that SM Prime will open three new malls this year — in Cauayan City, Isabela and Angono, Rizal, as well as Zibo City in Shandong, China — contributing to a gross floor area of 7.5 million sq. m. by yearend.

SMIC’s property business, consolidated last year under SM Prime, consists as well of SM Development Corp.; Highlands Prime, Inc.; Costa del Hamilo, Inc.; Prime Metroestate, Inc.; and SM Hotels and Conventions Corp. This segment contributed 22% to SMIC’s consolidated revenues last year. SM Prime ended 2013 with a P16.275-billion net income that was nearly flat from 2012’s P16.20 billion, burdened by a P1.27-billion “one-time restructuring cost.”