SM Prime plans to build 5 new malls in 2025

SM Prime Holdings Inc. (SMPH) plans to open five new shopping malls in 2025 and launch new condominium projects.

SMPH president and CEO Jeffrey Lim said the new malls would open next year in La Union, Zamboanga City, Laoag City and Sta. Rosa, Laguna. This will bring SMPH’s total number of malls in the Philippines to 92 by the end of 2025, up from 87 this year. The group also operates seven malls in China.

The planned store openings align with the group’s goal of reaching 100 malls by 2026 or 2027.

Lim is also optimistic about the residential sector.  Lim said most of the launches by SM Development Corp. are targeted at provincial areas, where demand for housing projects remains strong. The company is also focused on reducing its existing inventory.

“The target is to bring it down to 12 months this year, which is possible from 16 percent,” Lim said.

To attract homebuyers, the company continues to offer extended payment terms and other incentives. Lim also mentioned the possibility of introducing new product lines to entice more buyers.

SMPH allocated P100 billion for 2024 capital expenditures, primarily to support the expansion plans of its core businesses.

SMPH opened its 87th mall in Mandaue, Cebu, in October 2024.