SM Prime Holdings Inc., a leading shopping mall and property developer in the country, is set to open its first premier mall in Palawan on Sept. 15.
SM Prime said in a disclosure to the stock exchange that SM City in Puerto Princesa would be the company 64th mall in the country.
The new mall will have 54,000 square meters in gross floor area, bringing the company’s total retail space in the Philippines to 7.9 million sq. m.
“We take pride in opening the 64th mall of SM Prime in one of the most sought-after island destinations in the world. We expect SM City Puerto Princesa to add new dynamics and opportunities to the thriving province of Palawan highlighted by SM’s pursuit of new and unique malling experience,” SM Prime president Jeffrey Lim said.
Built in one of the fastest growing cities in the country, SM City Puerto Princesa is strategically located at the heart of the capital city.
SM Prime said SM City Puerto Princesa is 80 percent lease-awarded upon opening.
SM City Puerto Princesa will have three-level retail and dining floors housing around 180 food and retail shops, a three 158-seater SM Digital Cinema, and two 48- seater Director’s Club Cinema.
Designed to complement the tropical vibe of the island, SM City Puerto Princesa is set to be a cost-efficient and energy saving building, in line with SM Prime’s commitment on sustainable future and disaster risk reduction programs.
SM Prime since the start of the year has launched SM CDO Downtown Premier in Cagayan de Oro, S Maison at Conrad Manila in Pasay City and SM Cherry Antipolo in Rizal. It is scheduled to open in SM Center Tuguegarao Downtown in Cagayan Valley.
SM Prime posted a net income of P14.39 billion in the first half of the year, up 14 percent from P12.59 billion year-on-year, as revenues grew 10 percent to P43.25 billion from P39.23 billion..
SM Prime earlier committed to spend P100 billion in capital expenditures over the next two year, mainly to roll out more shopping malls and residential projects in the country.