SM Prime Holdings Inc., one of the leading integrated property companies in Southeast Asia, is set to open Friday its newest mall in Bulacan, SM Center Pulilan.
SM Prime said in a disclosure to the stock exchange SM Center Pulillan, the fourth shopping center to open in Bulacan, will enable the company to further expand its presence in the fast-growing Central Luzon area.
Situated along the Plaridel-Pulilan Diversion Road, SM Center Pulilan will have 27,000 square meters of gross floor area that will cater to the flourishing lifestyle of local resident and the economy of Bulacan.
About 80 percent of the three-level mall have been leased to several retail and food outlets, including anchor tenants like SM Hypermarket, Watsons, Ace Hardware, SM Appliance, Simply Shoes, Miniso, Surplus and BDO.
“The opening of SM Center Pulilan is our follow-through to the success of our first three malls in Bulacan—SM City Marilao, SM City Baliwag and SM City San Jose Del Monte. The notable development and growth of this province gives us more reasons to keep on expanding in Bulacan while continuously providing utmost malling experience and convenience to more Bulaceños,” SM Prime president Jeffrey Lim said.
SM Prime to date has opened five new malls, namely SM CDO Downtown Premier in Cagayan de Oro, S Maison at Conrad Manila in Pasay City, SM Cherry Antipolo in Rizal, SM City Puerto Princesa in Palawan and SM Center Tuguegarao Downtown in Cagayan.
SM Prime currently owns 66 malls in the Philippines with a total gross flow area of 8 million sq. m.
SM Prime also operates seven malls in China with 1.3 million sq. m. of retail space.
The company plans to open nine new malls next year to meet its target of 75 outlets in the Philippines by the end of 2018 with a total GFA of 10.96 million sq. m.
SM Prime booked a net income of P20.05 billion in the first three quarters of 2017, up 15 percent from P17.45 billion year-on-year.
Nine-month consolidated revenues rose 12 percent to P64.69 billion from P57.78 billion on year, while overall operating income grew 16 percent to P30.14 billion from P25.87 billion on year.
Meanwhile, the group’s residential business, which accounted for 32 percent of the consolidated revenues, booked a 10-percent growth in sales to P20.5 billion from P18.66 billion a year earlier.
The increase in sales take-up of ready-for-occupancy units and construction accomplishments of SM Development Corp. drove the revenues higher.
Reservation sales in the first nine months also increased 18 percent to P42.08 billion from P35.52 billion, while unit sales rose 3 percent to 12,963 units from 12,579 units in the same period a year ago.
Other businesses, including hotels and conventions and office developments, registered revenue growth of 39 percent to P5.76 billion in the first nine months from P4.13 billion in the same period in 2016.