SM Philippines to open 4 new malls
In this article (5)
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).
Questions & Answers
Q.Which specific provinces are SM Prime's new malls located in this year?
Which specific provinces are SM Prime's new malls located in this year?
The new malls are SM Mindpro Citimall in Zamboanga City, SM Center Dagupan, SM City Butuan, and SM City Olongapo Central. These locations are spread across Northern Luzon, Visayas, and Mindanao.
Q.What is the total gross floor area of the four new malls combined?
What is the total gross floor area of the four new malls combined?
The four new malls will collectively have a gross floor area of 179,000 square metres. This expansion aligns with the company's strategy to focus on provincial development.
Q.By how much will SM Prime's total gross floor area increase this year, and what will the final total be?
By how much will SM Prime's total gross floor area increase this year, and what will the final total be?
The company's total gross floor area will increase by 9 per cent this year. This expansion, including new malls and existing property additions, will result in a total of 10.5 million square metres of GFA.
Q.How did SM Prime's profit and sales perform in the first nine months of last year?
How did SM Prime's profit and sales perform in the first nine months of last year?
SM Prime's profit rose by 17 per cent to P23.44 billion (US$444.6 million) in the first nine months of last year. Sales also increased by 15 per cent, reaching P74.56 billion (US$1.414 billion).
Reader pulse
SM Prime's provincial expansion strategy:
20,721 votes so far