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Employment News

More SM Malls and Real Estate to Open in 2010

Date Posted: May 9, 2010

SM Prime Holdings Inc., the company which handles SM malls, banking and real estate announced business expansion in key cities and provinces.


SM Development Corporation (SMDC), the real estate company of SM Prime will expand its operation in the provinces. SMDC have been building condominiums in Metro Manila for years now and the company sees big growth and potential to finally expand their wings and create more condo units in the province.


“There are many requests already from the provinces,” said Rogelio R. Cabuñag, president and chief operating officer of SM Development “We should be more aggressive so we are building [in the provinces].”


The residential project of SMDC will start in the next three to five years in Cebu.


Aside from malls, banks and residential projects, SM Prime Holdings will invest around P20 billion to construct a convention and exhibit center, two hotels, a school and a hospital.


By the end of 2010, SM Prime will have 40 malls with 4.7 million square meters of gross floor space in the Philippines, 15 of them in Metro Manila.


Mr. Cabuñag said that as of end-2009, SM Development has about 150 hectares of “land bank,” including in Batangas and Cavite.


For this year, SM Development will spend at least P2.5 billion-P5 billion for land banking. Metro Manila is already saturated with major property companies, Mr. Cabuñag pointed out.


The benchmark capital spending for every high-rise residential condominium unit is about P1 billion-P2 billion, he added.







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