MANILA, Philippines — SM Prime Holdings Inc. continues to expand its footprint nationwide.
The company opened its newest mall, SM Center Tuguegarao Downtown yesterday, making it the first SM mall in the Cagayan Valley Region.
The mall, which will provide an additional 37,000 square meters (sqm) in gross floor area, brings total GFA to eight million sqm in the Philippines.
SM Prime president Jeffrey Lim said the mall is expected to contribute further to the development of the province of Cagayan Valley.
“The opening of SM Center Tuguegarao Downtown will provide SM Prime a sturdier foothold in the northeastern part of the Philippines, along with our other mall in the region, SM City Cauayan in Isabela. We are very excited on how this new mall will give a unique shopping experience to this urbanized city in northern Luzon and how it will contribute further to the development of the Province of Cagayan Valley,” Lim said.
The mall, which will have anchor tenants such as SM Hypermarket, ACE Hardware, Surplus, Watsons, Miniso, Simply Shoes and BDO, is strategically located at the corner of Luna and Mabini Streets, which are main thoroughfares in the city.
It is set to open with 90 percent of its space lease-awarded to a number of favored household brands, Lim said.
This year, SM Prime has already launched SM City Puerto Princesa in Palawan, SM CDO Downtown Premier in Cagayan de Oro, S Maison at Conrad Manila in Pasay City and SM Cherry Antipolo in Rizal.
SM Prime remains committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities, thereby enriching the quality of life of millions of people.
The company now has 65 shopping malls in the Philippines and seven in China with a GFA of 7.9 million sqm and 1.3 million sqm, respectively.
In the first half of the year, SM Prime recorded a 14 percent growth in net income to P14.39 billion as revenues rose 10 percent to P43.25 billion.
Mall revenues, which contributed 60 percent of SM Prime’s consolidated revenues, increased by 10 percent.