Property developer SM Prime Holdings Inc. plans to open 10 shopping malls next year, in line with the company’s plan to have 75 outlets by 2018.
SM Prime said in a registration statement pertaining to its P20-billion bond offering that it would open 10 malls next year, including SM Paurido in Pangasinan, SM Ormoc, SM Pulilan, SM Telebastagan in Pampanga, SM Legaspi, SM Tuguegarao, SM Olongapo, SM Butuan, SM Tagum and SM Roxas City.
The biggest malls that will open in 2018 are SM Tuguegarao with 89,863 square meters in gross floor area, SM Telebastagan with 85,487 sqm, SM Olongapo with 83,125 sqm., SM Legaspi with 74,270 sqm. and SM Roxas with 50,230 sqm.
SM Prime earlier said it would open five malls this year to end 2017 with a total of 65 malls.
From 48 malls as of end 2013, SM Prime targeted to have 75 malls by end-2018 with total GFA of roughly 11 million sqm.
Meanwhile, SM Prime chief finance officer John Nai Peng Ong said in an earlier interview the group’s target to have 75 malls by 2018 would be achievable as it had already identified sites for the planned expansion.
Ong said while the company indicated plans to open five malls this year, the company was hoping that it could open this year some of the malls that were originally slated for opening in 2018.
The funding for the completion of these malls will come from the company‘s issuance of P20-billion seven-year retail bonds.
The retail bonds, to be listed with the Philippine Dealing and Exchange Corp., will be offered on May 4 to May 11, with issue date of May 18.
SM Prime tapped BDO Capital & Investment Corp., China Bank Capital Corp., BPI Capital Corp., PNB Capital, First Metro Investment Corp. and SB Capital Investment Corp. as joint underwriters for the offering.
SM Prime reported a first-quarter net income of P6.6 billion, a growth of 13 percent from P5.8 billion a year ago, as consolidated revenues jumped 12 percent to P20.5 billion from P18.2 billion.