SM Prime’s Massive expansion plans
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Philippine property developer SM Prime Holdings has committed PHP80 billion (US$1.53 billion) for constructing four new malls, residential units and mixed-use spaces this year.
The additional capital is intended to support expansions that include opening an additional 200,000sqm of retail space in “developing provincial cities”, including Pangasinan, Zambales, Butuan and Zamboanga.
As at the end of last year there was 8.3 million sqm of retail space in 72 SM malls throughout the Philippines.
The firm is also developing new projects and converting mall spaces into mixed-use land.
Questions & Answers
Q.Which specific cities will benefit from the new retail space expansions?
Which specific cities will benefit from the new retail space expansions?
The additional 200,000 square metres of retail space will be opened in developing provincial cities. These include Pangasinan, Zambales, Butuan, and Zamboanga.
Q.What was the total retail space SM Prime Holdings managed across the Philippines by the end of last year?
What was the total retail space SM Prime Holdings managed across the Philippines by the end of last year?
By the close of last year, SM Prime Holdings managed 8.3 million square metres of retail space. This was distributed across 72 SM malls located throughout the Philippines.
Q.What types of new developments are SM Prime Holdings undertaking in addition to new malls?
What types of new developments are SM Prime Holdings undertaking in addition to new malls?
Beyond constructing new malls, the firm is also developing new residential units and mixed-use spaces. They are furthermore converting existing mall spaces into mixed-use land.
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