MANILA – SM Prime Holdings, Inc. (SM Prime) has earmarked PHP80 billion for capital expenditures this year to boost mainly its mall and residential business segments with due consideration to the challenges brought about by the coronavirus disease 2019 (Covid-19) pandemic.
“We all know that the Covid-19 pandemic continues to challenge many companies around the globe, including SM Prime, but we remain committed to enhance the value of your company for the benefit of all our stakeholders,” SM Prime president Jeffrey Lim said in a statement Wednesday,
This 2021, SM Prime is scheduled to open three new malls in the Philippines provided that quarantine measures are eased and with utmost concern for people’s safety.
Lim said two of the three new SM malls are located in Luzon –the SM City Daet in Camarines Norte and the SM City Grand Central in Caloocan City. The third mall located in the Visayas is the SM City Roxas in Capiz.
The company also aims to launch 15,000 to 20,000 residential units with its primary residential business segment, SM Development Corp. (SMDC), sustaining its growth in the previous year amidst the pandemic.
Meanwhile, SM Prime will continue assisting the national government in its efforts to combat the spread of Covid-19 in the Philippines, primarily in key areas such as Metro Manila, Bulacan, Cavite, Rizal, and Laguna where the number of cases are still high.
“At the same time, we will continue exploring opportunistic acquisitions and/or investments that are well within our core competencies and expand further in provincial areas where we can operate,” Lim added.
In the coming weeks, SM Prime will start rolling out its vaccination program among its employees to protect them from Covid-19.
It has committed to donate a portion of the vaccines it procured to the national government to support its programs. (PR)
