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Business

SM Prime plans malls beyond crowded Manila

MANILA -- SM Prime Holdings, the nation's largest real estate developer, is planning seven shopping centers next year outside the saturated Philippine capital, it revealed in an investor presentation posted on the company's website.

Metropolitan Manila accounts for 44% of the floor space of its malls nationwide. Rival shopping centers owned by Ayala Land and Robinsons Land, the property unit of JG Summit Holdings, also have strong presences in the capital.

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