SM adds 3 new malls by next year

Banking on the unprecedented growth observed this year, the Sy-led property developer SM Prime Holdings Inc. is opening three new malls next year.

In an interview with reporters, SM Supermalls president Steven Tan said the planned openings in Laoag, La Union and Zamboanga aim to sustain the company’s positive momentum.

“We have three malls opening for sure next year. That would be Laoag, La Union, and Zamboanga. Zamboanga will be our second mall in the area,” Tan said.

“This time, it’s a much bigger development. The first one, SM Mindoro, was a smaller mall that we renovated. This new mall in Zamboanga is built from the ground up, making it a significant project.”

Refurbishing assets

Apart from new developments, SM Prime is also heavily investing in renovations and redevelopments across its existing properties.

Key projects include the completion of the Sky Park at Mall of Asia, featuring a FIFA-sized football field set to launch early next year, as well as ongoing upgrades at SM Megamall and SM Aura.

“Mall of Asia is already at the tail end [of redevelopment], and we will be launching the Sky Park. Megamall is being redeveloped with a garden on top, and Aura’s beautiful new food hall is already open,” Tan detailed.

He added that other projects, such as the redevelopment of SM City Clark, are part of the company’s extensive plans.

“If I count, it’s more than 10 projects next year just on renovation and redevelopment.”

According to Tan, SM Supermalls saw a robust performance in the fourth quarter, with November marking record-breaking foot traffic across its network.

‘Mall of Asia is already at the tail end [of redevelopment], and we will be launching the Sky Park. Megamall is being redeveloped with a garden on top, and Aura’s beautiful new food hall is already open.’

“November has never been this good,” he said. “Maybe it’s because of blockbuster events like Wicked, Moana, or even Hello Love Again. The malls are full of people.”

SM Prime reported a consolidated net income of P33.9 billion from January to September, reflecting a 12 percent increase from P30.1 billion a year ago.

The mall business, which accounted for 57 percent of the company’s total consolidated revenues, generated P56.5 billion in total revenues in the first nine months, mirroring an 8 percent increase from the same period last year.

Mall rental income grew by 8 percent to P48.5 billion, while cinemas, event ticket sales, and other revenues rose by 4 percent to P8 billion.