SM Prime Holdings Inc., one of the leading integrated property companies in Southeast Asia, opened a new mall in Lemery, Batangas.
SM Prime said in a disclosure to the stock exchange SM Center Lemery added 25,000 square meters to SM Prime’s gross floor area in the Philippines.
“Lemery has been a gateway to different attractions in Batangas, and with this, it’s been continually developing to meet the needs and standards of its residents and visitors. SM Center Lemery takes part in meeting these needs. The exciting mix of offerings in the mall are sure to delight every Batangueños, as we have also done in SM City Batangas and SM City Lipa,” SM Prime president Jeffrey Lim said.
Opening with almost 90 percent of space lease-awarded, SM Center Lemery has three floors of mixed retail and food tenants topped with preferred household brands such as SM Hypermarket, BDO, Ace Hardware, Miniso, SM Appliance Center, Watson’s, Simply Shoes and Surplus.
This is the sixth mall topened by SM Prime this year. The first five malls were SM Center Pulilan in Bulacan, SM Center Tuguegarao Downtown in Cagayan, SM City Puerto Princesa in Palawan, SM Cherry Antipolo in Rizal, S Maison at Conrad Manila in Pasay City and SM CDO Downtown Premier in Cagayan de Oro.
SM Prime now owns 66 mall in the Philippines with gross floor area of more than 8 million sqm. It also operates seven malls in China with 1.3 million sqm of retail space.
The group plans to open eight new malls next year to meet its target to have 75 malls in the Philippines by end-2018 with GFA of 10.96 million sqm.
SM Prime booked a net income of P20.05 billion in the first three quarters of 2017, as consolidated revenues hit P64.69 billion.