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Manila Bulletin devider Business devider The Stock Market devider SM Prime locks in ₱100-billion spending to fuel aggressive expansion

SM Prime locks in ₱100-billion spending to fuel aggressive expansion

Published Dec 1, 2025 12:00 am  |  Updated Dec 1, 2025 05:53 am
SM Prime Holdings Inc. (SM Prime), one of Southeast Asia’s largest property developers, will maintain its ₱100 billion capital expenditure (capex) budget for next year as it continues an aggressive expansion in the Philippines.
“We will probably maintain the capex that we had this year, which is also more or less the same in the previous year [2024],” SM Prime President and CEO Jeffrey C. Lim said in an interview.
Banking on growth in the Philippine economy and consumer spending, SM Prime is aggressively expanding its diversified portfolio, led by its flagship mall business, which includes offices, convention centers, hotels, upscale residential villages, and affordable-to-mid-market condominiums.
Lim had earlier stated that the firm’s growth would be driven by the mall business, with a robust project pipeline enhancing the expansion of strategic initiatives across its holdings.
The company’s 2026 investment plan will prioritize malls, residences, and integrated property developments (IPDs).
The bulk of the capex, ₱67 billion, is earmarked for SM Residences and IPDs. The residential projects will span regional, premium, and leisure developments, while the IPDs—large, mixed-use, master-planned urban centers—are primarily planned for Luzon and Visayas.
SM Prime has allocated approximately ₱21 billion for its mall expansion to increase its total gross floor area (GFA) to over eight million square meters by the end of 2026. This expansion includes 205,400 square meters of new GFA and the redevelopment of 124,488 square meters of existing mall space.
An additional ₱12 billion has been set aside for the company’s office, hospitality, and MICE (meetings, incentives, conferences, and exhibitions) businesses to expand capacity and enhance facilities. SM Prime has also developed new office towers and workspaces in response to strong tenant demand for its existing inventory.
To support its capex plans for 2025 and 2026, SM Prime raised $350 million from its inaugural US dollar-denominated debt offering in the bond market last September.
“Through this latest drawdown, we are able to tap the market at an opportune time to support our future projects and strategic initiatives,” Lim said, adding that “The continued interest from global investors underscores their sustained confidence in our long-term growth prospects.”
SM Prime Chief Finance Officer John Nai Peng C. Ong noted that the company is building on a strong financial performance.
“SM Prime posted record revenues of ₱140 billion in 2024, and we aim to build on this momentum. This issuance will support our commitment to sustainable growth and continued contribution to the nation’s progress,” Ong said.

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SM Prime Holdings Inc. Jeffrey C. Lim John Nai Peng C. Ong
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