This is an aggressive push that will be fueled by expectations of over 6 percent economic growth and surging consumer demand, the developer said.
Big picture
With election-driven spending set to boost retail activity, SM Prime is positioning itself to capture this economic momentum.
"We expect moderating inflation, easing interest rates and election-related spending to fuel our growth in 2025,” SM Prime president Jeffrey C. Lim said in a statement.
“Our malls should do well and our office, hotel and convention centers could provide additional upside," he added.
New malls, renovations
The company is allocating P21 billion to expand its 87 malls, adding 205,400 square meters of new retail space while upgrading 124,488 square meters of existing properties.
By year-end, its total mall gross floor area (GFA) will reach 8.08 million square meters, reinforcing its dominance in Philippine retail.
Hotels, offices
Tourism is another key focus. SM Prime is investing P6 billion in hospitality and MICE (meetings, incentives, conventions, and exhibitions), funding new convention centers, hotel renovations, and expanded dining facilities to meet rising demand.
Office leasing is also seeing strong momentum, prompting a P6 billion investment in new workspaces.
This includes Six E-Com Center, a Grade A, two-tower office complex within the Mall of Asia Complex, catering to tech and BPO firms.
