Listed SM Prime Holdings Inc. is set to open its newest mall in Olongapo City, Zambales province on Friday.
In a disclosure on Wednesday, the Sy-led property developer said SM City Olongapo Central would be the second lifestyle mall in the city, adding 72,000 square meters of gross floor area to its mall portfolio.
“Olongapo City remains one of the fastest-growing cities in Central Luzon, creating a wonderful synergy on economical and sustainable development,” SM Prime President Jeffrey Lim said.
“SM City Olongapo Central will not only enhance the beauty of this thriving city and its province, but will also create more jobs and business opportunities to locals who aspire to grow with our company,” he added.
The four-story mall houses SM and Sy-identified brands SM Supermarket, The SM Store, SM Appliance Center, Our Home, Ace Hardware, BDO Unibank and China Bank, among others. It also has a food hall, Cyberzone and Wellness Zone, cinemas, and a convention center.
Eighty-five percent of the mall area is already leased.
“SM Prime remains committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities, thereby enriching the quality of life of millions of people,” the company said.
SM Prime saw its consolidated net income grow by 16 percent to P19.30 billion in the first half of the year from P16.62 billion in the same period in 2018 on the back of its robust mall operations.
Mall revenues reached P31.07 billion as of end-June, up 8 percent from the year-earlier P28.71 billion.
SM Prime shares lost 15 centavos or 0.43 percent to finish at P34.50 apiece on Wednesday.