SM Prime Holdings Inc., the largest Philippine shopping mall operator, said sales growth accelerated in the first quarter and it will build malls in China as part of a 12 billion peso ($245 million) expansion plan this year.

Sales probably rose more than 15 percent in the first three months, SM Prime Executive Vice President Jeffrey Lim said today in Manila. The company last year said sales grew 7.7 percent to 3.82 billion pesos in the first quarter.

“The opening of new malls helped increased sales,” SM Prime President Hans Sy said, adding that remittances from Filipino expatriates and the expansion of business process outsourcing companies have helped support sales at its malls.

SM Prime, founded by Henry Sy, the nation’s richest tycoon, last year increased its mall space by 9 percent to 46.27 million square feet after adding three branches and upgrading two centers. It has 33 malls in the Philippines and will open its 34th, located in Naga province, next month.

The company will spend 12 billion pesos this year, 5.5 billion pesos of which will fund the construction of three shopping malls in China, Lim said. It plans to open one mall every year in China beginning 2010, he said.