The SM Prime The Filipino billionaire SY is $ 9 billion for 5-year expansion plan

His chairman, Henry Sy Jr., described the plan of his boldest expansion and diversification since the start of his first shopping center in 1985 to use the increasing consumer assets.

“We have to further expand and invest because the chances simply continue to grow,” he said, “he said” Forbes On the edge of the youngest shareholders of SM Investments. “More people want to live, shop and work in an improved environment.”

As part of his roadmap, SM Prime 10-15 is striving for new shopping centers, up to five large-scale, integrated real estate developments, eight hotels, two congress centers, a dozen office and residential towers as well as four luxury living projects.

The company's president, Jeffrey Lim, said most of the financing would come from the internal cash flow.

The expansion boost comes as competitors such as Ayala Land and Robinsons increase their own retail and real estate developments.

SM Prime is currently the largest shopping centers in the Philippines with 87 shopping centers across the country with an a total of gross floor area of ​​9.4 million square meters. The portfolio also includes 10 hotels that offer over 2,600 rooms, eight congress centers and more than 22 office buildings.

In the first quarter, the company achieved a net result of 11.9 billion pesos, which, according to its last week in the same period of the previous year, corresponds to 11% compared to 10.7 billion pesos in the same period of the previous year in the previous year.

Its sales for the period rose 7% to 32.8 billion pesos compared to the previous year, which is due to stronger rental collections, real estate sales and other income flows. Shopping centers remained the main driver of profitability and made 69% of the company's income.

While the new US tariffs represent potential external risks, SM Prime expressed the confidence that the largely domestic economy of the Philippines and a limited direct exposure will help to record adverse effects. It is also expected that robust consumer expenses and cheap macroeconomic trends support their continuing growth.

“We have a solid basis and we are confident that we will create our shareholders in the long term and sustainable value,” said Lim.

The company's parent company, SM Investment, is one of the largest conglomerates in the Philippines. It was founded in 1958 as a shoe store by the late Tycoon Henry Sy Sr. after his death in 2019 inherited his business empire. Today, the SY family with a combined net assets of 13 billion US dollars is one of the richest in the Philippines.