Property developer SM Prime Holdings Inc. (SM Prime) said Wednesday it is set to open on Friday SM City Caloocan, its 86th mall in the country.
SM City Caloocan is the first of four malls that SM Prime will open this year.
SM Prime said in a disclosure to the stock exchange SM City Caloocan will be the group’s third mall in Caloocan City, and first in the northern cluster of the city. It will have more than 94,000 square meters of gross floor area.
SM City Caloocan, nestled along Deparo Road in Barangay 171, Zone 15, District 1, Bagumbong, follows the success of SM City Sangandaan and SM City Grand Central, which are both located in the south cluster of Caloocan City.
“With the opening of SM City Caloocan, we bring to the northern part of the city the same world-class shopping experience we offer in the southern part with our SM City Grand Central, opened just over two years ago. We also hope to attract patrons from neighboring cities as we have more than 90,000 square meters of retail space curated to serve and cater the demands of highly urbanized residents of these communities,” SM Prime president Jeffrey Lim said.
The mall will have three levels of mixed-use commercial space sharing a colorful mix of dining, shopping and entertainment spaces.
It will open with more than 90 percent of space lease-awarded to tenants, including anchor tenants from SM group.
The mall will have almost 1,200 parking slots, a public transport terminal and an electric vehicle charging station at the third level, which aims to promote sustainable transportation development in the area.
SM Prime is also set to open SM City J Mall in Mandaue, Cebu; SM City San Fernando La Union; and SM City Laoag to end the year with 89 malls across the country.
SM Prime also owns eight malls in China and is planning to open two more next year.
The property developer earmarked P100 billion for its 2024 capital expenditure primarily for mall and residential developments and land banking activities.
