HENRY Sy-led property developer SM Prime Holdings, Inc. is planning to add 10 new malls across the country next year, higher than its annual target of five to six malls.
“Every year, we’re opening five to six [new malls]although I think next year it would be more because they’re opening smaller malls next year,” SM Investments Corp. (SMIC) Senior Vice President for Investor Relations and Corporate Communications Cora Guidote told reporters on the sidelines of a forum organized by the Economic Journalists Association of the Philippines on Friday.
“We’re close to about 10 malls next year,” she said.
In addition, the company is expanding some of its existing malls, one of which is its largest development, the SM Mall of Asia Complex.
“Mall of Asia complex, for instance, something like 407,000 square meters, they’re expanding up to about 630,000 sqm, so MOA’s expansion mall equates to one mall already,” Guidote said.
“Also, they’re updating a lot of the facilities,” she added.
SM Prime said its target was to launch five malls in 2017. Two have already been launched, SM CDO Downtown Premier in Cagayan de Oro and SM Cherry Antipolo in Rizal. Next month, the company will be launching SM City Puerto Princesa in Palawan.
“In Palawan—I think [we’ll be launching by the] second week of September,” the official said.
The two others set for opening are SM Center Tuguegarao Downtown in Cagayan, and SM Center Lemery in Batangas.
SM Prime is the listed real estate developer of the Sy family under conglomerate SMIC.