SM Prime Holdings Inc. (SMPH), one of Southeast Asia’s largest integrated property developers, is planning to raise a yet undetermined amount from the issuance of dollar-denominated notes to Asian and European investors.

In a disclosure to the Philippine Stock Exchange (PSE), SM Prime Chief Finance Officer (CFO) John Nai Peng C. Ong said the firm has mandated investment houses to arrange a series of fixed-income investor calls in Asia and Europe, commencing on Sept. 8, 2025.

HSBC, J.P. Morgan, Standard Chartered Bank, and UBS have been named as joint lead managers and joint bookrunners, alongside BDO Capital and Chinabank Capital as joint domestic managers.

“A United States dollar (USD)-denominated benchmark-sized regulation S offering of five-year senior notes by SMPHI SG Holdings Pte. Ltd. guaranteed by SMPH may follow, subject to market conditions. The notes are expected to be drawn from the issuer’s $3-billion-euro medium-term note program,” SM Prime said.

The legal advisers of the issuer and guarantor are SyCip Salazar Hernandez & Gatmaitan for Philippine law, and Latham & Watkins LLP for English law. Meanwhile, the legal advisors of the joint lead managers and joint bookrunners are Picazo Buyco Tan Fider Santos & Dee for Philippine law, and Linklaters Singapore Pte. Ltd. for English law.

SM Prime remains optimistic due to strong consumption, lower interest rates, and continued recovery in retail and tourism, which had already propelled earnings to a record high in the first half of 2025.

“With inflation contained and policy easing underway, we expect stronger consumer sentiment to drive demand across our businesses. Our ₱100-billion capex [capital expenditures] plan is on track, focused on high-impact developments that will build long-term value,” said SM Prime President Jeffrey C. Lim.

The firm recorded an 11-percent rise in first-half net income to an all-time high of ₱24.5 billion in 2025 from ₱22.1 billion last year, driven by higher rental income, real estate sales, and ancillary revenues.

Consolidated revenues improved by five percent during the same period, to ₱68 billion this year from ₱64.7 billion in 2024.

Rental income from malls, offices, hospitality, and meetings, incentives, conferences, and exhibitions (MICE) contributed 60 percent of the total. Real estate sales made up 29 percent, while the remaining 11 percent came from cinema ticket sales, food and beverage, amusement, and related offerings.

First-half earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 10 percent to ₱41.6 billion from ₱37.9 billion last year, while operating income increased 11 percent to ₱34.4 billion from ₱31.1 billion.

“The redevelopment and new attractions at our flagship Mall of Asia (MOA) drove strong foot traffic and tenant sales. Robust consumer activity and improving business confidence also lifted contributions across our portfolio,” said Lim.

Malls accounted for the largest share of earnings at 69 percent, contributing ₱17 billion—up 14 percent year-on-year—boosted by new openings, higher foot traffic, and strong occupancy.

Income from residential projects hiked two percent from ₱5 billion to ₱5.1 billion, supported by revenue recognition from completed units and prior-year sales. The segment accounted for 21 percent of total earnings.

The office and warehouse segment contributed seven percent, with earnings increasing nine percent to ₱1.7 billion from ₱1.6 billion owing to improved warehouse occupancy.

Hotels and convention centers accounted for three percent of total income after contributing ₱635 million, up 20 percent from ₱527 million. The increase was driven by strong room bookings and a busy MICE calendar.

“Our results underscore the resilience of our businesses and the strength of our diversified portfolio. With our capex program progressing as planned, we are well-positioned to drive long-term growth across key markets,” said Lim.