SM Prime Holdings, Inc., the listed property arm of the Sy Group, is seeking clearance from the Securities and Exchange Commission to raise up to P18 billion through fixed-rate bonds, including P6 billion from oversubscription.
The property developer will use proceeds to sustain funding for expansion across its diversified portfolio. SM Prime has planned a P100 billion capital expenditure this year.
The planned issuance will include 5-year and 9-month Series AE bonds due 2032 and 10-year Series AF bonds due 2036. The offer represents the fourth tranche under the company’s P100-billion shelf registration program approved in June 2024, providing SM Prime flexibility to tap the debt market in tranches depending on liquidity conditions and investor appetite.
Proceeds are expected to be channeled into capital expenditures and general corporate requirements, particularly across its four core business units—malls, residential, commercial, and hotels and convention centers—which collectively drive recurring revenues and long-term value creation. The company operates 99 malls, including a growing footprint in China, and continues to expand its integrated property developments nationwide.
Its portfolio is supported by key subsidiaries such as SM Development Corpo., Costa del Hamilo, Inc., Tagaytay Resort Development Corp., SM Arena Complex Corp., SM Hotels and Conventions Corp., and SM Land (China) Limited.
The planned issuance underscores SM Prime’s continued reliance on the local bond market to fund capital-intensive projects while maintaining a balanced capital structure, positioning the company to capture demand tied to urbanization, consumption growth, and tourism recovery.
