SM Prime Holdings Inc.,
the country’s biggest shopping mall developer and operator, is
increasing its nationwide mall network to 43 with the opening of SM City
Consolacion in Cebu today.
In
a statement, SM Prime said SM City Consolacion will increase the
builder’s gross floor area by 106,857 square meters (sqm). Leasable area
is 57,842 sqm, of which 89 percent has been awarded to various
tenants.
The mall is SM Prime’s second shopping center in the province after SM City Cebu, which opened in November 1993.
“The
region of Cebu remains to be a key expansion area for SM malls. This
reflects our continued confidence in the prospects of Cebu, given its
dynamic population and flourishing business landscape, especially its
vibrant export sector, which contributes significantly to the country’s
economic growth,” SM Prime President Hans Sy said.
SM
City Consolacion increases the operator’s total GFA to 5.2 million sqm.
It is also the second SM mall to be opened this year, after SM City
Olongapo in Zambales.
In
line with its plans for Cebu is the construction of the P4.5-billion
shopping mall in the reclaimed South Road Properties as part of the
30-hectare mixed-use development project of SM Prime called SM Seaside
City.
The
mall is expected to open in the third quarter of 2014 and will boast of
a gross floor area of 241,600 sqm, making it Cebu’s biggest mall and
fourth among SM malls.
For
the rest of 2012, SM Prime is scheduled to open SM City San Fernando in
Pampanga, SM City Lanang in Davao City, SM City General Santos in
Southern Mindanao, and SM Chongqing in China.
By
the end of this year, SM Prime will have 46 malls in the Philippines
and five in China with an estimated combined GFA of 6.3 million sqm.
SM Prime shares declined 2 percent to P12.74 each on Thursday, giving it a market value of P221.3 billion.
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