SM Investments Corp. (SMIC), controlled by the Philippines' richest family, is looking to expand the empire left behind by the late Henry Sy Sr. by capitalizing on more business opportunities this year.

"In 2024, the group will continue with the opening of new stores, construction, and/or expansion of malls and commercial properties," the Sy family's holding company said in a stock exchange filing on Monday.

Aside from the target refurbishment of existing properties, SMIC also has plans to pursue investments in new business ventures "as opportunities arise."

These initiatives, the group said, will be funded by the cash generated from its operations and other capital-raising activities, which include bond issuances and debt availment.

The SM Group mainly derives earnings from its property, retail and banking businesses. It also has portfolio investments in other sectors including leisure, logistics, geothermal steam production, food manufacturing, and mining.

SM Prime Holdings Inc.'s residential property development arm, SM Development Corp., is expected to ramp up the group's residential business with the planned launch of up to 10,000 residential units in 2024.

As of end-December 2023, the primary residential business unit had 67 residential projects in the market worth a total of P713 billion.

SM Prime is the country's largest mall developer, boasting 85 malls totaling 9.2 million square meters (sqm) of gross floor area (GFA) as of the end of 2023. It also has eight shopping malls in China with a total GFA of 1.6 million sqm.

Timothy Daniels, SMIC consultant for investor relations and sustainability, has said that SM Prime was aiming to launch three to four shopping centers this year, taking advantage of improving post-pandemic consumer spending.

SMIC opened 419 new retail outlets last year, around 89 percent of which were located in provincial areas, while SM Prime launched three malls in Bataan, Laguna and Batangas.

BDO, the banking arm of the SM Group, is also planning to open provincial branches through its community banking arm, BDO Network Bank, to cater to the needs of small-time businesses.

SM Investments' share price closed 0.51 percent lower at P970 on Monday.

Philippine financial markets are currently on a holiday break and will reopen on Thursday.