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SM Prime to spend up to 70B Philippine pesos for 2017 developments

plans tospend 60 billion Philippine pesos to 70 billion pesos for property developmentprojects in 2017, around the same budget for 2016.

Thecompany confirmed a Sept. 28 reportfrom The Manila Times in whichJeffrey Lim, SM Prime executive vice president, said that the 2017 budget willbe for the construction of malls, offices and hotels.

Limalso reportedly said that the company will expand its malls and developments inmature areas in Metro Manila by adding offices, hotels and residentialdevelopments to create "lifestyle centers."

SMPrime is also preparing to develop projects outside the Metro, noting thatZamboanga and Caloocan are attractive provinces for commercial schemes.

Tohelp fund these developments, it filed a shelf registration in July with the Securitiesand Exchange Commission for the issuance of bonds worth 60 billion pesos. Thefirst-tranche bondsamounting to 10 billion pesos was reported to be 4.8x oversubscribed.

SMPrime President Hans Sy said in January that the company aims to have100 malls in thecountry as its long-term goal.

As of Sept. 27, US$1 wasequivalent to 48.37 Philippine pesos.