SM Prime to open 6 new malls in the Philippines in 2021
MANILA - SM Prime Holdings is one of the biggest property developers in the Philippines. Founded in 1958, the company mainly focuses on developing and managing shopping malls that can be found domestically and overseas including places like China and the Pacific Islands. At present, SM Prime Holdings is the developer and operator of 76 malls in the Philippines and 8 malls in China. With an average foot traffic of around 4.2 million daily in the Philippines, SM Prime plans to expand its mall network outside Metro Manila by opening 6 new malls in the Philippines in 2021.
SM Prime had 76 malls with a total GFA of 8.7 million sq.m. as of end-2020, after opening two malls late last year ― SM City Butuan and SM City Mindpro. SM Prime plans to further its presence in places outside Metro Manila such as Northern and Southern Luzon, and Mindanao area. SM Prime schedules to complete these new malls in 2021 — SM City Bataan, SM City Sorsogon, SM City Tuguegarao, SM Center North Davao, SM City San Pedro and SM City Tanza will have a combined GFA of 197,000 sq.m. The company also aims to boost their total mall portfolio with the construction of the new malls.
The forthcoming opening of SM City Bataan is expected to enhance the trade and industry in the area. This 2 storey commercial and property leasing mall that is about 200 meters away from city proper would encourage micro, small and medium entrepreneurs from the province and Metro Manila to open up projects of locally produced items.
Expected to be the biggest mall in the Bicol region in terms of land area, SM City Sorsogon is a Php 4 billion development that will be built on a sprawling 13 hectare property in the city. It will also be the third largest mall expansion in the Bicol region after the ones in Legazpi and Naga. SM City Sorsogon will be climate resilient and will have an earthquake-proof structure. This two-storey structure will be expanded to 3 storeys including a convention center.
According to SM Prime President Jeffrey C Lim, the steady economic growth demonstrated by Mindanao over the past years has driven SM Prime to pursue its expansion in the region delivering integrated property developments in various key areas in Mindanao. Hence, SM Prime is set to open SM Center North Davao in 2021.
Aside from widening their mall network, SM Prime also plans to complete the expansion of SM baguio and SM Mall of Asia - Ikea this 2021, which will add 32,000 square meters and 157,000 square meters, respectively.