SM Prime Holdings Inc., one of the largest integrated property developers in Southeast Asia, will open its third mall in Pangasinan province on Friday.
SM Prime said in a disclosure to the stock exchange SM Center Dagupan, which would be the company’s 74th shopping mall in the country, would have 23,000 square meters of gross floor area.
The new outlet will bring the combined size of the three SM Supermalls in Pangasinan to 145,000 sq. m. of GFA. The company’s first two malls in Pangasinan are SM City Rosales and SM City Urdaneta Central.
“Dagupan City is considered as Pangasinan’s industrial hub and the most highly urbanized city. The addition of SM Center Dagupan in this progressive and vibrant city will attract more local and international tourists, further boosting the growth of the local economy,” said SM Prime president Jeffrey Lim.
SM Center Dagupan, which will open with 90 percent of space lease-awarded, will feature shopping, dining and entertainment destinations, including SM Hypermarket, SM Appliance Center, Ace Hardware, Watsons, Surplus, Miniso and Simply Shoes, among other well-liked brands and shops.
SM Center Dagupan is nestled along the bustling M.H. Del Pilar Street and with close proximity to major education, health and government institutions in the city. It will have more than 400 carpark slots as well as bus terminal slots for added convenience for the mall’s and city’s guests.
The company is scheduled to open SM City Butuan and SM Mindpro Citimall in Zamboanga for the remainer of the year.
It also set to complete the expansion of SM City Fairview and SM City Baguio.
This year’s mall launches will all be in the provinces, and add more than 300,000 sq. m. of GFA to the group’s portfolio.
SM Prime registered a net income of P19.3 billion in the first half of the year, up 16 percent from P16.62 billion year-on-year, on sustained growth of the mall and residential businesses.
First-half consolidated revenues increased 15 percent to P57.05 billion from P49.77 billion on year.