SM opens 53rd mall in Philippines
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SM Prime Holdings, Inc. on Friday is opening its second shopping center in Cabanatuan, as part of the property holding firm of the Sy family’s drive to capitalize on the growth prospects in the provinces.
Its 53rd mall in the country, SM City Cabanatuan expands SM Prime’s footprint in Nueva Ecija after SM Megacenter Cabanatuan, the integrated property developer said in a disclosure yesterday.The four-level mall, which has 154,020 square meters (sqm) of gross floor area (GFA), increased SM Prime’s total retail space to 6.76 million sqm in the Philippines.
“The opening of SM City Cabanatuan is SM Prime’s commitment to be part of the growth of the province. The opening of new malls is timely given the expected higher growth in overall consumption in the fourth quarter,” the disclosure quoted SM Prime President Hans T. Sy as saying.
“The economy’s sustained gross domestic product growth in the past five years is now spreading to the provinces and we at SM Prime will continue to expand in these provinces that are enjoying high growth, like in Cabanatuan City, where we see significant development and huge unserved demand for shopping experiences,” Mr. Sy said.
Cabanatuan, the largest city in Nueva Ecija, is located between the provinces of Pampanga, Bulacan, Tarlac and Aurora.
SM City Cabanatuan is 90% occupied by various tenants, including SM Store, SM Supermarket, Ace Hardware, SM Appliance Center, Watson’s, The Body Shop, Surplus Shop and Uniqlo.
The mall will have six cinemas, consisting five cinemas with a 275-seating capacity and one large-format cinema with a 525-seating capacity. It has 2,500 parking slots for cars and motorcycles.
“The mall will have six cinemas, consisting five cinemas with a 275-seating capacity and one large-format cinema with a 525-seating capacity.”
For the rest of the year, SM Prime is scheduled to open SM Center Sangandaan in Caloocan and SM Seaside City Cebu. The company is also set to expand SM City Lipa in Batangas and SM City Iloilo this year.
By the end of 2015, SM Prime will have 55 malls in the Philippines and six in China with an estimated combined GFA of 8,269,486 million sqm.
Next year, SM Prime is spending P65 billion in 2016 with plans to open six malls with an aggregate GFA of 430,669 sqm. They are located in San Jose Del Monte in Bulacan, Commonwealth in Quezon City, Trece Martires City in Cavite, Tuguegarao, Puerto Princesa in Palawan, and Urdaneta in Pangasinan.
SM Prime is part of SM Investments Corp., which has core businesses in retail, banking and real estate. The family also has interests in gaming, geothermal energy and infrastructure.
Shares in SM Prime slid 10 centavos or 0.47% to P21.40 apiece yesterday.
Questions & Answers
Q.What is the total retail space SM Prime Holdings now operates in the Philippines?
What is the total retail space SM Prime Holdings now operates in the Philippines?
Following the opening of SM City Cabanatuan, SM Prime's total retail space in the Philippines has increased to 6.76 million square meters. This new mall added 154,020 square meters of gross floor area.
Q.How many malls does SM Prime Holdings plan to operate by the end of 2015?
How many malls does SM Prime Holdings plan to operate by the end of 2015?
By the end of 2015, SM Prime Holdings expects to operate 55 malls in the Philippines and six malls in China. These properties will have an estimated combined gross floor area of 8,269,486 million square meters.
Q.Which other locations are scheduled for new mall openings by SM Prime Holdings this year?
Which other locations are scheduled for new mall openings by SM Prime Holdings this year?
For the remainder of this year, SM Prime Holdings is scheduled to open SM Center Sangandaan in Caloocan and SM Seaside City Cebu. They are also expanding SM City Lipa in Batangas and SM City Iloilo.
Q.What is the occupancy rate of the new SM City Cabanatuan mall?
What is the occupancy rate of the new SM City Cabanatuan mall?
SM City Cabanatuan is 90% occupied by various tenants, including prominent brands like SM Store, SM Supermarket, Uniqlo, and Ace Hardware. This indicates a strong initial tenant uptake for the new facility.
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