SM Prime notes mall’s economic contribution


SM NORTH Edsa has hastened economic activity and infrastructure development to and from Manila and nearby provinces over the past 30 years, its developer, SM Prime Holdings Inc., said.

SM Prime said the mall has impacted on the property values in the area, citing Bureau of Internal Revenue data, which show that from an initial zonal value of P2,500 per square meter in 1990, land values around the mall soared to P40,000 per square meter in 2000.

“It also opened employment opportunities, both direct and indirect, generating approximately over 6,000 jobs from SM, its agencies and tenants,” SM Prime said. “Since its opening, it has consistently been one of the top taxpayers in Quezon City.”

Measuring only 125,000 square meters when it first opened in 1985, the mall has expanded to almost 498,000 square meters to date.

The company claims that SM North Edsa, which is celebrating its three-decade existence, was the first to introduce the one-stop-shop concept and “malling” as a past time for Filipinos.

SM City North Edsa draws an average foot traffic of 420,000 shoppers a day.

Since its opening in 1985, the mall has undergone several redevelopments, adding new elements like the Car Park Plaza in 1988, the SM Annex in 1989, the Block in 2006, The Annex and Interior Zone in 2008, the Sky Garden in 2009, and the Northlink in 2010.

“Complementing these developments, SM built new spaces for various concepts, such as those for business process outsourcing (BPO) companies and other private offices,” said SM Prime.

Among these are the six-story building The North Link and 15-story SM Cyber West Avenue, which will be linked via bridge way to the SM City North Edsa mall and the nearby MRT station.

The SM City North Edsa complex will also feature the Grass Residences, a five-tower residential condominium building to complete the integrated approach of the property.

SM Prime President Hans Sy said SM City North Edsa would continue to grow “like a vibrant city,” adding more office spaces and a hospitality complex, a mix of high-end retail, dining and green spaces, highlighted by a series of five cascading office towers connected by pedestrian sky bridges.

“We have changed the Filipino lifestyle forever,” Sy said. “Our malls are indeed as they are called—cities, places where families and friends gather together to shop, eat out, have fun, and even do their business transactions and hear Mass. We have become part of the lives of millions of Filipinos.”


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