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Tag: SM Prime

  • 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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  • New malls boost SM Prime revenue

    New malls boost SM Prime revenue

    SM Prime Holdings has posted a 90 per cent increase in first half year sales to PHP18.7 billion (US$408 million).

    However the increase was largely due to one time gains on the sale of securities; recurring income grew by a more modest, but still healthy, 15 per cent.

    The company says new malls helped boost its turnover.

    Rental revenues from retail and commercial spaces, accounted for 54.2 per cent of consolidated revenue, up 10 per cent. The growth in rental revenues was mainly driven by rising contribution from the new malls and the expansion of shopping spaces in existing malls in 2013 and 2014. These include SM Aura Premier, SM City BF Parañaque, Mega Fashion Hall in SM Megamall, SM City Cauayan, SM Center Angono and the expansion of SM City Bacolod with a total gross floor area of 652,000 sqm.

    In the first half of the 2015, SM Prime opened SM Megacenter Cabanatuan and SM City San Mateo last April and May, respectively, taking the total Philippine operating malls to 52 with a GFA of almost 6.6 million sqm. For the rest of the year, SM Prime is set to open one mall in Metro Manila, SM Center Sangandaan in Caloocan, and two malls outside Metro Manila namely SM City Cabanatuan in Nueva Ecija, and SM Seaside City Cebu.

    The company is also expanding two existing malls, SM City Lipa in Batangas and SM City Iloilo. Combined, these new and expanded malls will have a total GFA of almost 716,000 sqm. By the end of 2015, SM Prime will have 55 malls in the Philippines and six malls in China with an estimated combined GFA of 8.3 million sqm.

    Cinema and event ticket sales, accounted for 6.6 per cent of consolidated revenues, recovered in the second quarter registering a seven per cent year-on-year increase to PHP1.4 billion as compared to a decline year-on-year of eight per cent to almost PHP1 billion the previous quarter. This brought cinema and event ticket sales to an almost flat point when compared with the same period last year.

    The recovery of ticket sales in the second quarter was due to Hollywood blockbusters like Avengers – Age of Ultron, Fast and Furious 7 and Jurassic World.

    “The strong financial performance posted by SM Prime in the first half of the year is reflective of the benefits derived from a diversified property portfolio as both rental and developmental incomes contributed to the overall performance of the company,” said SM Prime president Hans T. Sy.

    “The sustained growth could be attributed to the consolidation of SM Prime, which resulted to a strong balance sheet that allowed us to pursue all projects as planned. We are confident that we can sustain this growth in the long-term.”

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