SM Prime Holdings Inc. expects sustained growth across its retail, residential and hotel businesses this year on the back of high occupancy rates and strong demand across its portfolio.
In a media briefing on Monday, Chief Finance Officer John Nai Peng Ong said they continued to see significant contributions from group malls, offices and hotels.
“If we look back to the recently disclosed numbers, we continue to look at revenues coming from malls, offices, hotels, contributing to the top line,” Ong said.
Executive Vice President Cris Noel Torres noted that SM malls were expected to be a key driver, with three to four new malls slated to open this year.
Plans for the group’s residential segment include focusing on completing existing projects and launching its premium Signature Series line, Torres added.
Strong growth was also projected in the hotel and convention center segment with the Philippines hosting the 48th and 49th Asean Leaders’ summits this year.
“We anticipate and expect strong growth this year, particularly given the Asean Summit, which is being held in the Philippines,” Torres said.
“I think our hotel team is expecting a significant uptick in revenue.”
Asked about potential acquisitions, SM Prime President Jeffrey Lim said land banking was not currently a priority.
“We already have a substantial development pipeline, so our teams are focused on executing what is on the ground as of now,” he said.
Lim clarified that new acquisitions may be considered if they were strategically aligned and reasonably priced.
SM Prime Holdings shares on Monday closed at P21.30 each, down P0.05 or 0.23 percent.