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Tuesday, April 15, 2014

SM Prime to spend P400B in aggressive five-year plan

SM Prime Holdings Inc. plans to spend P400 billion in capital expenditures in the next five years in hopes of doubling revenues and income as a consolidated property firm of the Sy group, ranking officials revealed Tuesday.

SM Prime targets to have 85 malls – 74 in the Philippines and 11 in China – 41 residential projects, seven office and 10 hotels and eight leisure development by end-2018, CFO Jeffrey Lim told reporters at a briefing after the company's annual stockholders' meeting at the Mall of Asia in Pasay City.

The P400-billion capex will be financed through internally-generated cash and debt, Lim said.

This year, SM Prime will spend over P70 billion, of which 55 percent will finance new malls and expansion, 28 percent for residential projects, and the balance for offices, hotels and convention centers.

Source: GMA NEWS

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