SM Prime invests P33 billion for mall, hotel expansion

SM Prime Holdings Inc. has announced an investment of up to P33 billion ($568 million) in 2025 to expand its commercial property portfolio, focusing on malls, hotels, and offices in response to anticipated economic growth in the Philippines. Of this budget, P21 billion will be directed towards expanding the gross floor area of its malls, adding 205,400 square meters and redeveloping 124,488 square meters of existing space, aiming for a total GFA of 8.08 million square meters by year-end. The company also plans to allocate P6 billion each to enhance its hospitality and MICE sectors, including the development of two convention facilities and new office towers such as the Six E-Com Center. SM Prime expects growth to be buoyed by moderating inflation, easing interest rates, and increased consumer activity driven by election-related spending. Their strategic positioning across 87 shopping malls is expected to capitalize on rising consumer demand and confidence. This expansion reflects SM Prime's commitment to enhancing its commercial properties and meeting evolving consumer needs.