SM Investments Corporation (SMIC), the Philippines’ largest conglomerate, has announced plans to ramp up its property and retail projects. SM Prime Holdings, SMIC’s property development arm, reported a significant increase in its total land bank for condominium projects outside Metro Manila to 669 hectares with a plan to launch 15,000-18,000 units by the end of 2019. Meanwhile, its leisure and hospitality unit, which currently has 1,961 rooms under its portfolio, is planning projects in San Fernando, Pampanga and SM Seaside Cebu adjacent to its own existing malls. For its mall expansion in 2020, SM Prime has committed to spend 39% of its total USD 1.6 billion capital expenditure in order to open 7 malls.
SMIC’s SM Retail, which operates SM Markets (food), SM Stores (non-food), and local and international specialty franchises, now has 2,600 stores, 57% of which are located in regional areas. About 80% of the stores were opened outside Metro Manila in 2018.
(Sources: SM Investments Corporation, Business World)