Integrated property developer SM Prime Holdings, Inc. is opening the SM Caloocan, its third mall in the city, to the public on Friday — a move that will help spur economic development in the area.

"With the opening of SM City Caloocan, we bring to the northern part of the city the same world-class shopping experience we offer in the southern part with our SM City Grand Central, which opened just over two years ago," SM Prime President Mr. Jeffrey Lim said in a statement on Wednesday.

"We also hope to attract patrons from neighboring cities as we have more than 90,000 square meters of retail space curated to serve and cater to the demands of highly urbanized residents of these communities," he added.

With 94,000 square meters of gross floor area, SM City Caloocan along Deparo Road, Brgy. 171, Zone 15, District 1, Bagumbong, Caloocan City, follows the success of SM City Sangandaan and SM City Grand Central.

SM City Caloocan will feature a mix of shopping, dining, and entertainment options on three levels of commercial space in the Metro.

Upon its opening, SM City Caloocan will have over 90 percent of its leasable area occupied by renowned SM brands such as The SM Store, SM Supermarket, Watsons, Miniso, Surplus, Ace Hardware, SM Appliance, Crocs, Uniqlo, and BDO.

The mall will also offer an SM Food Court, three regular cinemas under SM Cinema, a Wellness Space, a Cyberzone, three large-format indoor amusement areas, and an air-conditioned Sky Plaza.

To bolster sustainable transportation in the area, the mall will offer nearly 1,200 parking spaces, a public transportation terminal, and an Electric Vehicle Charging Station on the third level.

SM Prime is scheduled to open four new malls this year, including SM City Caloocan, SM City J Mall in Mandaue, Cebu, SM City San Fernando La Union, and SM City Laoag.