SM Development Corp. (SMDC) will allot P15 billion to P18 billion for capital expenditures this year, a company official said.

“I think it should be in the range of between P15 to P18 billion,”  SMDC president Jeffrey Lim told reporters in an interview.

He said SMDC plans to launch four to five projects, or about 12,000 to 14,000 units, this year.

He said the company is looking at launching a horizontal project within this year.

“We’re trying to work on horizontal developments, but that’s still in the planning stage,” Lim said.

He said there is a demand for horizontal projects from overseas Filipino workers “wanting to go on a lower range.”

SMDC is also eyeing residential projects in China.

“We’re actually in the planning stage now. Our guys are starting to talk to some of the contractors,” Lim said.

12″If we are able to get all of these done, then hopefully we should be able to start it within the first half of this year,” he further noted. — Kathryn Mae P. Tubadeza/BM, GMA News