SM Prime Holdings Inc. (SMPH), the property development unit of the Sy family, is investing P7 billion to redevelop one of its largest malls, SM Megamall and expand its gross leasable area by 20,000 square meters.
The expansion will be carried out in phases and is expected to be completed between 2027 and 2029, SMPH said in a statement.
It said the upgrade is designed to improve the customer experience and add long-term sustainability features.
The redevelopment, designed by UK-based architectural firm Benoy, will follow a “Crystal Islands” concept that uses natural light, open spaces and organic forms. It will also add nature-inspired architecture and better mobility features.
Plans for the project include themed retail zones, easier navigation, a new four-level basement parking facility with more than 1,600 slots, expanded walkways, wider corridors and upgraded elevators and escalators. The project will also feature relocated cinemas, a new Megatrade Hall, a redesigned food court and modernized common areas and restrooms.
SMPH said it has incorporated sustainability measures into the project, including a rainwater harvesting system with a 500-cubic-meter capacity, ETFE roofing to reduce cooling costs, skylights and clerestory windows to cut down on artificial lighting, LED lighting with up to 50-percent energy savings and sensor-activated escalators with 30-percent energy savings. The company is also considering installing solar panels.
The property developer said the redevelopment would prepare the mall for the next decade of growth while maintaining its position as a leader in sustainable mall design.
SM Megamall has long been a major retail and business hub in Mandaluyong City, serving millions of visitors every year.
