EXCERPT 

SM Prime Holdings, the listed property developer of the Sy Group, is setting aside P80 billion for its capital expenditures this year, to be financed by internally generated funds and external borrowings.

This year’s capex is higher than the P65 billion spent last year, according to the company’s annual report filed with the Philippine Stock Exchange (PSE) yesterday.

Of the P65 billion in 2021, the biggest bulk was spent on the residential segment with P34 billion, while P26 billion was spent on malls. The commercial business had a capex of P3.7 billion while hotels and conventions received P1.5 billion.

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