Property developer and mall operator SM Prime Holdings Inc. (SMPH) on Monday announced an P80-billion spending program for the year, with a significant chunk allocated for property acquisitions.
According to SMPH President Jeffrey Lim, some 20% of the capex program for the year, or about P15 billion to P16 billion, will be for land banking, while the rest will be used for the development of malls, residential projects, and offices.
“Things are positive. We believe that even if we are not able to reach pre-pandemic levels before the end of the year, at least we should target between 80% to 90%. So we’re optimistic about the prospects for 2022,” he said during the annual stockholders meeting, referring to the hotel business.
$SMPH President Jeffrey Lim: For 2022 we are targeting ?80-billion capex. Some 20% will be for land banking activities, and the rest for the development of malls, residential projects. pic.twitter.com/jSrk7FulC1
— Jon Viktor Cabuenas (@ViktorCabuenas) April 25, 2022
Lim said the company plans to open three new malls for the rest of the year — SM City Tuguegarao, SM City Sorsogon, and SM City Tanza in Cavite, following the opening of SM City Roxas in April.
It also targets to launch as much as 20,000 units under SM Development Corp. (SMDC), after launching 12,000 units in the previous year.
Aside from SMDC, the company also counts subsidiaries Costa del Hamilo Inc., Tagaytay Resort Development Corp., SM Arena Complex Corporation, SM Hotels and Conventions Corp., and SM Land (China) Limited.
It ended 2020 with 76 malls in the Philippines, and seven shopping malls in China located in Xiamen, Jinjiang, Chengdu, Zibo, Chongqing, Tianjin, and Suzhou. It also recorded 53 residential projects, 19 commercial projects, eight hotels, five convention centers, and three trade halls.
“We are not at that level of pre-pandemic yet, because even up to now, although we’ve started to receive tourists coming in, we are not there yet,” Lim said, noting that hotel occupancy has climbed to 45%.
The Philippines opened its borders to visa-free countries in February, and accepted arrivals from all countries earlier this month.
SMPH on Monday also announced dividends of 9.7 centavos per share to stockholders on record as of May 11, 2022, with the payout date scheduled on May 24, 2022. This is equivalent to P2.801 billion, or 15% of the net income in 2021.
Shares in SMPH closed Monday up by 10 centavos or 0.28% at P36.15 versus last Friday’s finish of P36.05 apiece. —KBK, GMA News
SM Prime sets P80-B spending program for 2022
Source: News Panda Philippines
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