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Tag: SM Prime

  • SM Prime’s $9B Expansion Plan Unveils Ambitious Retail Growth Strategy

    SM Prime’s $9B Expansion Plan Unveils Ambitious Retail Growth Strategy

    SM Prime Launches Ambitious Expansion Plan Amid Rising Consumer Trends

    In a bold move reflecting the growing consumer wealth in the Philippines, SM Prime Holdings is set to embark on its most extensive expansion and diversification initiative since opening its first mall in 1985. With plans to enhance its portfolio and respond to surging consumer demand, the leading mall operator aims to redefine the retail landscape in the country’s booming economy.

    A Comprehensive Expansion Blueprint

    SM Prime’s chairman, Henry Sy Jr., emphasized the urgent need for growth during the recent stockholders meeting. “We need to continue expanding and investing because the opportunities just keep growing,” he stated. With a clear roadmap, the company plans to open 10-15 new shopping malls and up to five integrated property developments. Additionally, the agenda includes establishing eight hotels, two convention centers, a dozen office and residential towers, and four luxury residential projects.

    Sustainable Funding Strategy

    Company president Jeffrey Lim revealed that the majority of the funding for this ambitious expansion will be sourced from internal cash flow, showcasing SM Prime’s commitment to sustainable growth. This strategic approach positions the company well against increasing competition from major players like Ayala Land and Robinsons Land, as the retail sector continues to evolve.

    Market Leadership and Strong Performance

    Currently, SM Prime boasts an impressive footprint as the Philippines’ largest mall operator, managing 87 shopping malls that encompass a total gross floor area of 9.4 million square meters. Additionally, its diverse portfolio includes 10 hotels, over 2,600 rooms, eight convention centers, and more than 22 office buildings.

    In the first quarter of 2023, SM Prime reported a net income of 11.9 billion pesos, an 11% year-on-year increase. Revenue also surged by 7% to 32.8 billion pesos, powered by heightened rental collections and robust real estate sales. Notably, malls remained the cornerstone of profitability, contributing 69% to the company’s earnings.

    Addressing External Challenges

    Despite the challenges posed by new U.S. tariffs, SM Prime remains optimistic about its market positioning. Lim noted that the Philippines’ predominantly domestic economy, coupled with limited exposure to adverse external factors, offers a buffer against potential risks. Continued consumer spending and favorable macroeconomic conditions are expected to further bolster growth.

    “We have a solid foundation, and we are confident in our capacity to generate long-term, sustainable value for our shareholders,” Lim remarked.

    The Future of Retail in the Philippines

    This significant expansion by SM Prime signals a transformative period for the retail sector in the Philippines, poised to adapt to shifting consumer trends and preferences. As the brand expands its presence and invests in diversified developments, the ripple effects on local economies and consumer experiences will be noteworthy.

    Questions & Answers

    1. What is SM Prime’s expansion plan? SM Prime plans to open 10-15 new malls, five large-scale property developments, eight hotels, two convention centers, and other residential projects.
    2. How is the expansion being funded? The majority of the funding will come from internal cash flow, demonstrating a commitment to sustainable growth.
    3. What are the potential impacts of this expansion? The expansion is expected to enhance the retail landscape, boost local economies, and improve consumer experiences across the Philippines.
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  • SM Prime to add 440,000sqm of retail space with four new malls

    SM Prime Holdings Inc (SMPH), one of the largest property developers in the Philippines, is set to open four shopping malls this year, adding 440,000sqm of retail space.

    The company plans to open SM City Caloocan, with 94,000sqm of gross floor area, in the first half of this year. In the second half, it intends to open SM City J Mall in Mandaue City, Cebu, SM City San Fernando La Union, and SM City Laoag, each spanning 111,000 to 123,000sqm.

    Aside from the new shopping malls, the property developer said it will refurbish and extend existing malls.

    “It’s an ongoing thing with SM Prime’s malls,” said Timothy Daniels, consultant for investor relations and sustainability at SM Investments Corp, the parent company of SMPH.

    “They always do it. They come back every few years, and they renovate and expand.”

    In 2023, SMPH reported a 33 per cent increase in net income to AU$1.09 billion from $826.16 million in 2022, as consolidated revenues jumped 21 per cent.

    Mall business accounted for 56 per cent of total sales, followed by residential business with 34 per cent, and other business segments, which include hotels, offices, and convention centres, with 10 per cent.

    Mall revenues totalled $1.97 billion last year, up 30 per cent from $1.5 billion in 2022. Operating income rose 28 percent to $1.03 from $801 million.

    In line with its expansion plan, SMPH has earmarked $3.3 billion for 2024 capital expenditures as it continues to explore acquisition opportunities and investments.

    Frederic DyBuncio, president and CEO of SM Investments, attributed the company’s success to Filipino consumers’ healthy spending patterns, particularly in fashion, dining, and entertainment.

    “SM’s performance as a group last year reflected our ability to stay close to our customers and address their needs regardless of uncertain economic conditions,” he added.

    SMPH currently operates 85 malls in the Philippines with 9.2 million sqm of gross floor area and eight malls in China with 1.6 million sqm of gross floor area.

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  • SM Philippines to open 4 new malls

    SM Philippines to open 4 new malls

    SM Prime says it will open four new malls in Philippine provinces this year. The company will also intensify land-banking efforts to make it easier to develop properties in the future. The new SM Prime malls will be SM Mindpro Citimall in Zamboanga City, SM Center Dagupan, SM City Butuan and SM City Olongapo Central. Together they will have a gross floor area of 179,000sqm.

    “SM Prime’s mall expansion is geared toward the provinces,” the company said in a presentation posted online. “The focus is to cover most of Northern Luzon, Visayas, and the progressive cities in Mindanao.”

    Besides the new shopping centres, the company’s properties SM City Baguio and SM City Fairview will be expanded this year, adding 46,000sqm and 32,000sqm, respectively.

    All these developments will see the company finish the year with 10.5 million sqm of GFA, representing an increase of 9 per cent for the year.

    SM Prime’s profit rose 17 per cent in the first nine months of last year, to P23.44 billion (US$444.6 million) on sales up 15 per cent to P74.56 billion (US$1.414 billion).

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  • SM Prime revenue going up

    SM Prime revenue going up

    Rental revenues from mall expansions and consistent improvement in same-mall sales have helped boost income for integrated property company SM Prime Holdings.

    For its third quarter, the company had 16 per cent year-on-year net income growth to PHP5.6 billion (US$110.5 million). This led to a 15 per cent increase in net income in the first nine months to PHP20 billion.

    Consolidated revenue was up 12 per cent to PHP64.6 billion, while overall operating income grew by 16 per cent to PHP30.1 billion.

    “Our performance in the third quarter is a testament to the buoyant overall economy that benefits the whole property market,” says SM Prime president Jeffrey Lim.

    Mall revenues for the first nine months showed 10 per cent growth to PHP38.5 billion, with the malls contributing 60 per cent of consolidated revenues. Mall rentals went up by the same percentage to PHP32.8 billion, primarily because of expansions and openings over the past two years. Same-mall sales were steady with 7 per cent growth.

    Cinema and event ticket sales eased by 3 per cent to PHP3.3 billion, whereas revenues from amusement and merchandise sales surged by 26 per cent to PHP2.4 billion.

    Consolidated mall operating income improved by 12 per cent to PHP21.3 billion, with the operating margin maintained at 55 per cent.

    SM Prime has 65 shopping malls in the Philippines and seven in China, and will open two more malls this year, SM Center Lemery in Batangas and SM Center Pulilan in Bulacan, taking its provincial property count to 44 from 38 a year ago.

  • SM Prime Holdings’ net profit rises 14 per cent

    SM Prime Holdings’ net profit rises 14 per cent

    Continuing mall expansion helped drive a 14 per cent rise in SM Prime Holdings’ net profit last year.

    In a stock exchange filing yesterday, the company said it achieved a net income of P23.8 billion (US$473.7 million) last year. Strong sales by its residential arm, which accounts for 32 per cent of its business, also contributed to the healthy profit rise.

    SM Prime has 60 shopping malls in the Philippines, with 7.7 million sqm of gross floor area and seven in China, with 1.3 million sqm of GFA. The company plans to open at least four more centres in its home market in 2017, adding a further 300,000 sqm of space.

    Total revenue last year rose 12 per cent to P79.8 billion.

    “SM Prime sustained its overall performance in 2016 on the account of focusing more on recurring income stream complemented by the solid performance of the housing group,” said president Jeffrey Lim in a statement.

    “SM Prime is well-positioned to capture the positive impact of the higher infrastructure spending intended by the government that will also spur overall economic growth of the country,” he added.

    Revenues from shopping malls rose by 9 per cent last year to P48.6 billion, driven by the addition of 1.5 million sqm of additional space during the past two years.

    Excluding new openings, sales growth was up 7 per cent, but cinema sales were down 3 per cent.

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  • SM Prime results boosted by strong economy

    SM Prime results boosted by strong economy

    SM Prime boosted net profit by 15 per cent to PHP4.9 billion in third quarter of 2016.

    Overall revenue rose by 14 per cent to PHP18.5 billion.

    The SM Prime results show year-to-date net income rose 13 per cent year-on-year to PHP17.5 billion, on sales up by 11 per cent to PHP57.8 billion.

    The company says the improved performance was down to sustained growth of its key rental operations and real estate sales businesses.

    “SM Prime sustained its overall performance as it benefited from the continued growth of the economy,” said SM Prime president Jeffrey Lim. “The synergy and contribution of our business units are reflected in our strong results. We expect SM Prime’s success to continue over the medium-term as economic growth spread to the rest of the Philippines, which should bode well with our expansion in other key cities and provinces.”

    Overall Philippine mall revenues increased by 9 per cent to PHP32.1 billion. Rentals posted an 11 per cent growth to PHP26.9 billion, driven by a 7 per cent growth in same-mall-sales, as well as new retail spaces of 1 million sqm in gross floor area (GFA) that were added in the past two years.

    Cinema and event ticket sales are at PHP3.44 billion, slightly higher from last year’s performance of PHP3.4 billion. Revenues generated from amusements and merchandise sales posted the same amount of PHP1.8 billon from same period last year. Operating income increased by 10 per cent to PHP17.8 billion from PHP16.1 billion in the same period last year as margins slightly improved to 55.3 per cent from 54.9 per cent.

    China rise

    Meanwhile, SM Prime’s China mall revenues rose by 5 per cent to PHP3.1 billion, while its operating income grew by 6 per cent to PHP1.5 billion, maintaining the previous year’s operating income margin of 49 per cent.

    Currently, SM Prime has 58 malls in the Philippines and six in China with a GFA of 8.5 million sqm. SM Prime is scheduled to open SM East Ortigas this December while SM City Tianjin will open in phases towards the end of the year. By the end of 2016, SM Prime will have a combined GFA of almost 9 million sqm.

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  • Hans Sy Semi Retirement Announcement

    Hans Sy Semi Retirement Announcement

    SM Prime CEO, Hans Sy, has announced a semi-retirement.

    Sy has also served as SM Prime’s president since 2004, while holding key positions in SM subsidiaries and affiliates.

    Teresita Sy-Coson, vice chairperson of SM Investments – parent company of SM Prime, said Sy “wants to have more free time for himself and his organization is developed enough to take on many of his responsibilities.”

    Jeffrey Lim, who served as SM Prime executive VP and SM Development Corp president, will take Sy’s position.

    Sy has grown SM Prime into the biggest mall and integrated property developer in the Philippines and one of the biggest in Southeast Asia. The company now has 58 malls in the country and six in China.

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  • Major revamp for SM Mall of Asia

    Major revamp for SM Mall of Asia

    SM Mall of Asia is set to revolutionize its look 10 years after it opened in Manila Bay.

    The Philippines’ biggest mall will soon house a FIFA World Cup-size soccer field on the mall’s roof deck and a botanical garden. Miami-based firm Arquitectonica will design these.

    By the end of the year, an Olympic-size skating rink will also open on the third floor.

    Designer furniture will deck a new food hall, in tune with the mall’s modern look.The mall will also adopt a “warmer” look and feel, according to Steven Tan, senior VP for SM Supermalls, with the interior to feature new colour scheme and wooden panelling.

    According to Tan, SM Prime president Hans Sy told the design team to give the mall a “wow” factor.

    “I’ve seen the perspectives, and the view from up there will be breathtaking. There will be an unobstructed view of the sea and it is beautiful,” Tan said.

    SM Mall of Asia has 700 tenants and has an occupancy rate of between 98 per cent and 100 per cent. This has prompted the company to undertake the redevelopment in phases.

    Conrad Manila, SM Prime’s deluxe hotel brand, is set to open in June with a new retail podium called S’Maison which will house unique concept stores as well as luxury retail stores, fine dining restaurants and state-of-the-art cinemas.

    New brands are also set to come in including Swedish clothing giant H&M which is slated to introduce a 3000 sqm flagship store.

    SM-MOA

    Recently the mall unveiled a 2.7 megawatt “solar car park” in partnership with Solar Philippines, which is nearly twice the size of the 1.5 MW SM North Edsa solar car park. Comprising 10,426 solar panels and 40 inverters, it supplies nearly 20 per cent of the mall’s power needs.

    In another development, the Manila-Acapulco Galleon Museum is taking shape to feature the history of the 250-year old global trade route where the Philippines and Mexico played major roles. The museum will highlight the galleon trade’s impact on today’s commerce, banking, travel, and cultural exchange.

    SM and SM Prime chairman, Henry Sy, who once called this mall the greatest project of his life, had a vision to build one of the largest malls in Asia which will not just be a shopping complex but a premier destination.

    “The mall will be a major Asia Pacific destination,” Sy said at that time.

    SM Mall of Asia opened in May 2006 as the flagship development of SM on 60ha of reclaimed land in Pasay City. The mall introduced the first Olympic-size skating rink and the first Imax theatre in the country.

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  • SM City San Jose opening brings SM malls to 57

    SM City San Jose opening brings SM malls to 57

    SM Prime is opening its 57th mall in the Philippines.

    SM City San Jose Del Monte will open today. It is the third in the province of Bulacan after SM City Baliwag and SM City Marilao.

    The new mall will add 101,000 sqm in gross floor area to the total floorplate of SM Prime, SM Prime, the country’s largest integrated property company. Total retail space will add up to 7.4 million sqm, the largest footprint in the country.

    “We continue to expand in the provincial areas as we remain optimistic about their huge potential for growth. The opening of SM City San Jose Del Monte in Bulacan is a testament to this strategic direction as we remain steadfast in developing premier destinations around the country,” SM Prime President Hans Sy said.

    San Jose Del Monte is a second-tier city with predominantly middle income households, of which, 62 per cent have family members that are OFWs. The city contributes to one of the fastest growing residential and commercial hubs in the Northern Gateway of Metro Manila, covering 59 barangays and a population of almost 500,000 based on the 2010 census.

    SM City San Jose Del Monte opens with 70 per cent of space lease-awarded occupying its three floors with retail stores, dining outlets, recreation and entertainment facilities, and service centers topped with commendable architectural design making it the newest vibrant urban hub in the north of Metro Manila.

    The prime spaces are allocated to local and international retail brands, food outlets and anchor tenants such as The SM Store, SM Supermarket, SM Appliance Center, Ace Hardware, BDO, Surplus, Watsons and SM Cinema with four state-of-the-art cinemas.

    By the end of 2016, SM Prime is targeting to have 61 malls in the Philippines and six in China with an estimated combined GFA of 8.6 million sqm.

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  • Philippine property giants turn to retail

    Philippine property giants turn to retail

    Philippine property giants are entering record capital expenditure programs in 2016, on the back of strong economy, according to the global property advisor Savills.

    Three of the eight biggest property developers – Ayala Land, SM Prime Holdings and Robinsons Land – are also the biggest mall developers in the country.

    “When the real estate boom started, residential sales were the sweet spot. It seems that the residential market is becoming more saturated that’s why developers are shifting to the commercial side,” said Antton Nordberg, research and consultancy manager at KMC MAG Group.

    The 2016 capex budget will mostly fund the development of large-scale mixed-use communities, mostly commercial components such as office and retail, Nordberg said.

    Nordberg said real estate firms – mostly listed in the Philippine Stock Exchange – could spend an all-time high of P369 billion (US$7.9 billion) this year, surpassing the record investment of P360 billion last year by 2.5 per cent.

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  • SM Prime sees e-commerce more as a challenge than a threat

    SM Prime sees e-commerce more as a challenge than a threat

    The Philippines’ biggest retail property developer is not at all bothered by the emergent e-commerce, not even considering the latter as a latent competitor but more as a shot in the arm.

    “I am very bullish about that—I mean, SM’s commercial buildings and shopping centers,” SM Prime Holdings Inc. President Hans Sy told reporters Tuesday on a sidelines of the SM Group of Companies’ turnover of a P400-million building to the new University of the Philippines campus in the uptown Bonifacio Global City.

    SM Prime Holdings is the SM Group’s property arm, the biggest integrated property developer now in the Philippines, and the builder of about a hundred malls and shopping centers all over the Philippines.

    Sy said the SM Group had anticipated the growth of e-commerce, noting that more shops have been going online.

    In response, SM rebranded its ubiquitous SM Department Stores into SM Stores, to make its brick-and-mortar business more lifestyle-oriented, given the emergence of the now influential millennial market.

    Sy said such rebranding strategy would attract consumers to visit the malls instead of shopping online.

    “Even if there’s e-commerce, you cannot see people just staying in the house, so they definitely gotta do something and that’s what we’re trying to do,” Sy said.

    He cited the current transformation of the SM Mall of Asia as an example of the firm’s lifestyle mall initiative.

    “We are going to introduce a lot of lifestyle features,” Sy said.

    He clarified that the firm does not see e-commerce as a threat to its retail business.

    “No, we don’t look at it as a threat,” he stressed. “When we see these things, we look at it as a challenge and we find means and ways to go around the challenges. We do not let it top us or slow us down. We have to evolve into these things. That’s the reality.”

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  • SM Prime Holdings mall business announces recent ISO 22301 certification

    ISO awarded the certificate to SM Prime for establishing and applying a Business Continuity Management program for its SM Supermalls. Likewise, the certification covers the Mall of Asia Arena Annex Building, the headquarters of SM Prime in Pasay as well as SM Megamall, one of SM Prime’s largest malls in the country.

    “This certification assures our stakeholders that the company will be able to respond to, recover from and continue its business after a disruptive event. For our customers, this means assuring their safety first and foremost, even as we provide access to basic necessities even at the onset of the calamity,” SM Prime President Hans T. Sy said.

    The ISO certification meant going through a series of detailed audits which included internal assessments to ensure readiness for certification and an external audit on the company’s Business Continuity Management System.

    “SM Prime is committed to make sure that business continuity is part of our operations especially after a calamity to provide continuous livelihood, not only to our employees, but to the employees also of our tenants, suppliers and all our stakeholders,” Sy added.

    The ISO is an independent, non-governmental international organization with a membership of 162 national standard bodies. It brings together experts to share knowledge and develop voluntary, concensus-based, market relevant international standards that support innovation and provide solutions to global challenges.

    The ISO 22301 certification covers the requirements for a robust business continuity management system, which will allow the company to minimise the risk associated with disruptions and to make certain that control is maintained at all times.

    In the last few decades, SM malls have integrated disaster risk reduction into their design and operations amid worsening effects of climate change. Aside from SM Megamall, good examples of these are SM City Cabanatuan in Nueva Ecija, SM City Marikina, SM City Masinag in Antipolo, Rizal, SM BF Paranaque, SM Angono and SM San Mateo in Rizal, SM Muntinlupa in Alabang, The SM Mall of Asia in Pasay and SM Seaside City in Cebu among others.

     

    Philippines: SM Prime Holdings mall business announces recent ISO 22301 certification

    Shown in the photo are (from left) Richard O. Regalado, Consultant, EIAN Management Consulting; John C. Ong, Chief Finance Officer, SM Prime; Myquel M. Regalado, Adviser, EIAN Management Consulting; Royston A. Cabunag, Assistant Vice President for Operations, Mall of Asia Annex Building; Femelyn Lati, General Manager, TŪV SŪD PSB Philippines; Hans T. Sy, President, SM Prime; Christian V. Mathay, AVP for Operations, SM Megamall; Eunice M. Sotto, AVP for Enterprise Risk Management, SM Prime; Anna Maria S. Garcia, President, Shopping Center Management Corp.; and Egbert T. Lim, Mall Manager, SM Megamall.

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  • New mall boosts SM retail portfolio

    New mall boosts SM retail portfolio

    SM Prime Holdings Inc, the Philippines’ largest mall operator and one of Southeast Asia’s biggest integrated property developers, announced on Thursday another milestone—growth to 7.3 million square meters in local retail space portfolio—as it unveils its 56th mall in the country.

    In a disclosure to the stock exchange, the publicly listed firm of Philippines’ richest tycoon Henry Sy said it is opening today, November 27, “a new regional landmark,” the SM Seaside City Cebu. The new mall is SM’s third mall in Cebu, and adds 430,000 square meters of gross floor area (GFA) to its retail portfolio.

    The new destination mall is the first of many developments in the 30-hectare SM Seaside Complex, which would take about five years to fully develop, said SM Prime President Hans T. Sy. According to SM Prime, the new mall “is the first of its kind in urban development” within the South Road Properties in Cebu City. “As the anchor development, the mall is slated to transform the city’s landscape, as SM Prime builds residences, offices, an arena, a five-star hotel, and convention centers,” the company said.

    The complex, it added, features a steel sculpture named “The Cube,” which symbolizes strength and stability of Cebuanos, as well as “SM’s continued commitment to excellence.” The younger Sy said the new mall promises to revolutionize the malling experience not only in Cebu, but also in the entire Southern portion of the Philippines.

    He said the company was inspired by the success of its Mall of Asia Complex in Pasay City, a mixed-use development that offers retail, residences, offices, hotels and convention centers. “We are replicating this concept of ‘lifestyle cities’ in Cebu, as we open the SM Seaside City mall. We see Metro Cebu as one of our important growth corridors in Visayas and Mindanao, following our growth track in Metro Manila,” said Sy.

    The new mall will feature a 147-meter “Seaside Tower,” that offers a “sensational panoramic view” of the entire city, and a “Sky Park” that provides diverse dining outlets. Other features of the mall include a skating rink, eight cinema houses, and 5,000 parking slots.

    “SM Seaside City Cebu is slated to transform the city’s landscape,” the company said. SM Seaside City Cebu is the sixth SM Supermall to be opened this year, after SM Center Sangandaan, Cherry SM Shaw, and SM City Cabanatuan, among others.

    To date, SM Prime has 56 malls in the Philippines and six in China, with an estimated combined GFA of 8.3 million square meters.

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  • SM Prime opens third mall in Cebu

    SM Prime opens third mall in Cebu

    SM Prime Holdings, Inc., one of the leading integrated property companies in Southeast Asia, opens today its newest regional landmark, SM Seaside City Cebu.

    In a disclosure to Philippine Stock Exchange, SM Prime said this is its 56th mall in the country, and the third mall within Cebu – along with SM City Cebu and SM City Consolacion.

    The new destination mall provides an additional 430,000 square meters (sqm) in gross floor area (GFA), expanding SM Prime’s total retail space to 7.3 million sqm in the Philippines.

    SM Seaside City Cebu is the first of many developments in the 30-hectare SM Seaside Complex which SM Prime president Hans T. Sy said will take about five years to fully develop.

    SM Seaside City Cebu, located within the SM Seaside Complex at the South Road Properties (SRP) in Cebu City, is the first of its kind in urban development in the SRP.

    As the anchor development, the mall is slated to transform the city’s landscape as SM Prime builds residences, offices, an arena, a five-star hotel, and convention centers.

    The Complex features “The Cube”, a steel sculpture that symbolizes strength and stability of Cebuanos and its consistency reflects SM’s continued commitment to excellence.

    “We are inspired by the success of our Mall of Asia Complex in Pasay City, the first lifestyle city project or mixed-use development that offers retail, residences, offices, hotels and convention centers,” Sy said.

    He added that “we are replicating this concept of ‘lifestyle cities’ in Cebu as we open the SM Seaside City mall. We see Metro Cebu as one of our important growth corridors in Visayas and Mindanao following our growth track in Metro Manila.”

    The new destination mall will open with 80 percent of space lease-awarded which serves as the new home to flagship stores of well-known local and international brands. It will also be the venue of unique and world-class events and entertainment.

    The shopping mall will have anchor tenants such as The SM STORE, SM Supermarket, Forever21, UNIQLO, Our Home, Ace Hardware, SM Appliance Center, Watson’s, The Body Shop, Kultura, BDO Unibank, and Chinabank.

    SM Seaside City Cebu is the newest architectural jewel of SM Prime with its nautilus inspired design of concentric arcs from a central multi-purpose space featuring a “Seaside Tower,” a 147-meter iconic viewing tower which offers a sensational panoramic view of the entire city.

    A Sky Park provides a  unique setting for diverse dining outlets situated in an elevated garden with soothing water features. The mall will have a skating rink, eight cinemas houses and 5,000 parking slots.

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  • SM Center Sangandaan opens

    SM Center Sangandaan opens

    SM Center Sangandaan has opened its doors – owner SM Prime’s 55th mall in the Philippines.

    It is SM Prime’s first mall in the populous City of Caloocan, one of the 16 cities within Metro Manila. The new mall provides an additional 38,622 sqm in gross floor area (GFA), giving SM Prime a total retail space of 6.8 million sqm, the largest mall footprint in the country.

    SM Center Sangandaan, strategically located along the busy intersection of Samson Rd and A. Mabini St in Sangandaan, will give SM Prime access to the northern tip of Metro Manila, bringing a unique shopping experience closer to the highly dense cities of Malabon, Navotas and Caloocan.

    “SM Center Sangandaan reflects SM Prime’s commitment to be part of the growth across communities. We are very pleased to open our first mall in Caloocan City which is a testament to the fact that Metro Manila is far from being saturated by modern retail facilities,” SM Prime president Hans T. Sy said.

    The mall opens its doors to a catchment of more than 1.5 million with 90 per cent of its space leased. Anchor tenants include SM Supermarket, SM Appliance Center, SM Cinema, Ace Hardware, BDO and Watsons.

    There are three levels of prime space which includes four cinema theaters with a total seating capacity of 824, and 493 parking slots.

    The mall’s facade features different shades of blue, gray and white, giving the exterior a quirky geometric visual design. The main interior features a high glass ceiling, complemented by white walls which maximises daylight and adds further dimension to the mall.

    SM Center Sangandaan is the fifth SM mall to be opened this year, after Cherry SM in Shaw Boulevard with a GFA of 24,165 sqm and SM City Cabanatuan, both of which opened this month. SM Seaside City Cebu is next, scheduled to open on November 27.

    By the end of 2015, SM Prime will have 56 malls in the Philippines and six in China.

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