Shopping mall giant SM Prime Holdings Inc. may downsize some of its mall projects as consumers hold back on spending amid tough economic conditions marked by soaring prices of oil, food and other necessities.

SM Investments Corp., the publicly listed holdings conglomerate of taipan Henry Sy, said its subsidiary Costa del Hamilo has launched its premiere country club that will give buyers access to exclusive seaside facilities and beach resort in Hamilo Coast.

SM Development Corp., the property arm of taipan Henry Sy, has proposed to invest over P6 billion for the development of two high-rise mass housing projects in Quezon City.

The 40-hectare Pico de Loro Cove is the initial phase of a 13-cove, eco-tourism development project of SM Investments Corp. named Hamilo Coast spanning a 5,800-hectare coastline property in Nasugbu, Batangas.