Manila, Philippines – SM Prime Holdings Incorporated, the largest shopping mall and retail operator in the Philippines and one of the largest integrated property developers in Southeast Asia, plans to open seven new shopping malls in provincial areas on 2017. That said, it will bring its total mall leasable space to 7.95 million square meters (sqm).
SM Investments Corporation announced in a presentation at a recent forum that new shopping mall expansions, which will add 293,930 sqm to its leasable area, are planed towards the provincial areas.
The biggest mall to open next year is the SM Premier Cagayan de Oro in Misamis Oriental which has 174,399 sqm leasable space, followed by SM Puerto Princesa in Palawan with 65,073 sqm, and in North-Central Luzon — SM Urdaneta in Pangasinan with 46,570 square meters.
Additional shopping malls scheduled to operate in 2017 are the following: SM Center Ormoc in Leyte (28,408 sqm), SM Tuguegarao in Cagayan (25,890 sqm), and Cherry SM Antipolo (22,777 sqm).
At of now, SM Prime Holdings’ Metro Manila malls account for 44 percentage of total shopping mall space followed by the rest of Luzon with 35 percent, and the Visayas and Mindanao with 14% and 7%, respectively.
By the end of 2017, SM Prime Holdings will have 67 malls across the country.
The firm is slated to open two additional shopping malls before the end of the year – the Cherry SM Congressional in Quezon City, and SM City East Ortigas in Pasig City – to end the 2016 with a total of 60 SM shopping malls.
To date, SM Prime Holdings has a total of 58 malls in the country and 6 in China.