SM Prime allocates P100B for capex, targets mall growth

SM Prime Holdings Inc., one of Southeast Asia's largest property developers, has allocated P100 billion for capital expenditures in 2025, the same amount as last year.

The company expects sustained growth driven by election-related spending, easing interest rates, and higher tourism spending, following a record profit of P45.6 billion in 2024, which represents a 14% increase from 2023.

Jeffrey C. Lim, SM Prime President, highlighted that mall business will lead their growth while a robust project pipeline will enhance strategic initiatives across various sectors.

SM Prime plans to invest P67 billion in residential properties and integrated property developments (IPDs) primarily located in Luzon and Visayas, with approximately P21 billion allocated for expanding the gross floor area of malls by adding 205,400 square meters and renovating existing spaces.

The company also aims to open three new malls this year—SM City La Union, SM City Laoag, and SM City Zamboanga—and invests P12 billion in its office, hospitality, and MICE businesses to enhance facilities and expand capacity.