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NEWS UPDATES 26 May 2009

Philippines retail giant to build country’s biggest mall

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The Philippines’ largest mall owner and operator plans to rebuild SM Megamall in Mandaluyong City into the country’s biggest shopping center, reported the Manila Times.

The paper quoted Hans Sy, SM Prime Holdings, Inc. president, as saying the company will develop the 3-hectare parking lot in front of SM Megamall to expand the present gross floor area of the shopping center.

“After the renovation, SM Megamall will even be larger than North Edsa” Sy told reporters.

He also said the building of SM North Edsa, the company’s oldest mall in the country, will be also renovated this year. SM Prime said it plans to spend up to 2 billion peso to give the 25-year-old mall a new face.

Sy said SM North’s renovation will be completed by the end of the first quarter next year.

Of the 2 billion peso earmarked for the project, 600 million peso was already spent for the development of Sky Dome, a concert venue which may accommodate as many as 1,500 people, Sy said. In addition an IMAX theater will also be built within main the building of SM North.

AT present, SM Prime has one IMAX Theater at the SM Mall of Asia in Pasay City, which is built for P300 million.

After the redevelopment of the entire shopping center, Sy said SM North will have a total gross leasable area of 445,000 square meters. The mall contributes about 12 percent to 13 percent to the entire revenues of SM Prime.

This year, the company is planning to open SM City Naga in Camarines Sur, SM City Rosario in Cavite and SM City Pamplona in Las Piñas. The mall operator is also set to expand SM City Rosales in Pangasinan.

By the end of the year, SM Prime will have 36 malls nationwide and three malls in China—SM City Xiamen, SM City Jinjiang, and SM City Chengdu—with an estimated gross floor area of 4.9 million square meters.

SM Prime has allocated 5.5 billion peso in capital outlay for its projects in China and 6.5 billion peso will be for the Philippine malls.



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