HENRY Sy-led property developer SM Prime Holdings, Inc. is planning to add 10 new malls across the country in 2018, exceeding its existing annual target of five to six malls.
“Every year, we’re opening five to six [new malls]although I think next year it would be more because they’re opening smaller malls next year,” Cora Guidote, SM Investments Corp. (SMIC) senior vice president for Investor Relations and Corporate Communications, told reporters on the sidelines of a forum organized by the Economic Journalists Association of the Philippines (EJAP) on Friday.
“We’re close to about 10 malls next year,” she said.
In addition, the company is expanding some of its existing malls, one of which is its largest, the SM Mall of Asia Complex.
“Mall of Asia complex for instance, something like 407,000 square meter, they’re expanding up to about 630,000 sqm so MOA’s expansion mall equates to one mall already,” Guidote said.
“They’re trying to hit [the expansion]later this year but … maybe by early next year if they won’t meet the target. Also, they’re updating a lot of the facilities,” she added.
SM Prime said it targeted to launch five malls in 2017, some of which were launched, including SM CDO Downtown Premier in Cagayan de Oro, and SM Cherry Antipolo in Rizal.
In September, the company will be launching SM City Puerto Princesa in Palawan.
“In Palawan—I think [we’ll be launching by the] second week of September,” the official said.
The two others set for opening are SM Center Tuguegarao Downtown in Cagayan, and SM Center Lemery in Batangas.
SM Prime is the listed real estate developer of the Sy family under conglomerate SMIC.