SM Prime Holdings Inc., the country’s largest mall operator and developer, said it is set to open on Friday its fourth shopping mall in Pampanga province.
SM Prime said in a disclosure to the stock exchange SM City Telabastagan in San Fernando City, the third mall to open this year, would have 55,000 square meters of gross floor area.
“The unwavering support of our fellow Pampangueños and the fast-growing economy of the province have led us to open yet a new mall, this time in Telabastagan,” SM Prime president Jeffrey Lim said.
“Alongside our first three malls in the province, SM City Pampanga, SM City Clark and SM City San Fernando Downtown, we see SM City Telabastagan contributing further to the continuous development of Pampanga, providing both job opportunities and modern lifestyle and entertainment to its residents,” Lim said.
SM City Telabastagan, located along one of Pampanga’s major thoroughfares, McArthur Highway, will open with two floors of shopping, multi-cultural dining and entertainment zones adorned by indoor pocket gardens that add a touch of nature, improving the overall ambiance of the mall.
SM City Telabastagan will open with 84 percent of space lease-awarded and will feature six digital cinemas and well-loved local and international brands.
SM Prime opened two other malls earlier this year, including SM Center Imus in Cavite on Feb. 16 and SM City Urdaneta Central in Pangasinan on May 4.
Two other malls, SM City Legazpi in Albay and SM Center Ormoc in Leyte, are set to open in the second half of the year. All five malls that SM Prime is opening this year are located in the provinces.
SM Prime recorded a 15-percent growth in net income to P7.6 billion in the first quarter from P6.6 billion a year ago.
Consolidated revenues grew 14 percent to P23.4 billon from P20.5 billion, supported by growing share from provincial malls and increasing value of residential projects.
Operating income also climbed 16 percent to P11. 1 billion.
SM Prime earmarked P80 billion for 2018 capital expenditures primarily for provincial expansion and land banking activities.