Backed by a capital expenditure guidance of as much as P110 billion for 2025, SM Prime Holdings Inc., an integrated property developer led by the Sy family, aims to open five new SM malls across the country.
In an interview with reporters, SM Prime president Jeffrey C. Lim said the move would further solidify the company’s dominant position in the retail landscape.
“Next year, we will open five (new) malls in La Union, Zamboanga and Laoag. These are new malls and do not include expansion,” Lim said.
He added that the locations for the remaining two malls have yet to be determined. With these developments, SM Prime is poised to reach a total of 92 malls by next year.
Lim also indicated that there are currently no new openings planned in China, suggesting a strategic pause in the company’s international expansion efforts in that market. Currently, the company operates eight malls across China.
Footprint extends to Visayas
Last month, SM Prime further extended its footprint in the Visayas with the opening of SM City J Mall in Mandaue City, Cebu. The new mall is SM Prime’s fourth in Metro Cebu, eighth in the Visayas, and 87th nationwide.
The mall covers over 100,000 square meters and offers a wide range of retail, dining, and entertainment options, with around 80 percent of its leasable area already pre-leased. Notable tenants include The SM Store, Uniqlo and BDO.
Additionally, SM City J Mall features two Director’s Club cinemas, a Food Hall, and parking for 1,000 vehicles.
During the first half of the year, SM Prime reported a 13 percent increase in consolidated net income, reaching P22.1 billion, up from P19.4 billion in the same period last year. Consolidated revenues also grew by 8 percent, totaling P64.7 billion compared to P59.9 billion the previous year.
