SM Prime opens 6th Cavite mall

Business World - - CORPORATE NEWS - Arra B. Fran­cia

THE SHOP­PING mall em­pire of coun­try’s rich­est man Henry Sy, Sr. con­tin­ues its provin­cial ex­pan­sion with the open­ing of SM Cen­ter Imus in Cavite.

In a state­ment is­sued Wed­nes­day, SM Prime Hold­ings, Inc. (SM Prime) said it will be open­ing the mall on Fri­day (Feb. 16) with 90% of its leas­ing space al­ready awarded.

Lo­cated along NIA Road, Barangay Bukan­dala in Imus, Cavite, the mall has a gross floor area (GFA) of 13,000 square me­ters (sq.m.). It will house sta­ple ten­ants of other SM malls, such as SM Su­per­mar­ket, SM Ap­pli­ance Cen­ter, ACE Hard­ware, Min­iso, Watsons, and BDO Uni­bank, Inc.

“The open­ing of SM Cen­ter Imus marks an­other mile­stone of SM Prime. This mall is lo­cated right at the heart of Imus City to pro­vide more con­ve­nience to the res­i­dents as well as guests of this his­toric city,” SM Prime Pres­i­dent Jef­frey C. Lim was quoted as say­ing in a state­ment.

SM Cen­ter Imus will be the com­pany’s sixth mall in the Cavite area, af­ter SM City Ba­coor, SM City Das­mar­iñas, SM City Molino, SM City Rosario, and SM City Trece Mar­tires.

In 2017, SM Prime had a to­tal of 67 malls in the coun­try with a to­tal GFA of 8.03 mil­lion sq.m.

Aside from SM Cen­ter Imus, SM Prime is plan­ning to build 21 new malls, lo­cated mostly in the prov­inces, within the next three years.

This year, the com­pany is set to com­plete SM City Ur­daneta Cen­tral, SM City Tele­basta­gan, SM City Le­gaspi, SM City Or­moc, and SM City Dagu­pan.

In 2019, SM Prime will be com­plete SM Daet, SM Bu­tuan, SM Olon­gapo Cen­tral, SM Balanga Bataan, SM Sor­so­gon, SM Tagum, SM City Tugue­garao, SM Min­doro, and SM Grand Cen­tral.

Seven more will be opened by 2020: SM City Roxas, SM Calamba Turbina, SM Tanza, SM San Fer­nando in La Union, SM Laoag, SM Zam­boanga, and SM Malo­los.

To fi­nance the con­struc­tion of these malls, SM Prime will be is­su­ing fixed rate bonds with a base size of P15 bil­lion, with an over­sub­scrip­tion op­tion of P5 bil­lion. The bonds have ma­tu­ri­ties of five and seven years.

Lo­cal debt watcher as­signed the is­suance the high­est credit rat­ing of Prs Aaa, in­di­cat­ing SM Prime’s abil­ity to meet its fi­nan­cial obli­ga­tion.

The is­suance will be the third tranche of the com­pany’s P60­bil­lion shelf reg­is­tra­tion pro­gram with the Se­cu­ri­ties and Ex­change Com­mis­sion.

SM Prime booked a net in­come at­trib­ut­able to the par­ent of P20.05 bil­lion in the nine months end­ing Septem­ber 2017, 14.9% higher year on year, as rev­enues grew 11% to P64.7 bil­lion dur­ing the same pe­riod.

Shares in SM Prime lost five cen­tavos or 0.14% to end at P36.10 each at the Philip­pine Stock Ex­change on Wed­nes­day.

SM

SM CEN­TER IMUS will be SM Prime Hold­ings, Inc.’s sixth mall in the Cavite area.

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