SM Investments Corp. (SMIC), the holding firm of the Sy Group, on Wednesday said it has set aside some P90 billion in capital expenditures (capex) this year, a huge chunk of which will go to shopping mall operator SM Prime Holdings Inc. Know more:
SM Investments Corp. , the holding firm of the Sy Group, on Wednesday said it has set aside some P90 billion in capital expenditures this year, a huge chunk of which will go to shopping mall operator SM Prime Holdings Inc.SM Prime currently has 84 residential projects. It aims to launch 15,000 to 20,000 residential units in 2023.
The rest of SMIC’s capex will be for SM Retail Inc., which is also looking at expanding its store network to around 400 stores this year, largely from food retail and specialty retail stores, such as Alfamart convenience stores. It will add some 200 new Alfamart stores this year. Increasing connectivity and the level of talent are also providing more impetus for expansion among business process outsourcing firms in these areas. BPO revenues are also at par with OFW remittances in amounts that are estimated at over $30 billion, the company said.
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