SM City Telabastagan in Pampanga opens today
SM Prime Holdings Inc. (SMPH), the listed integrated property firm of the SM Group, will open today its third mall for the year which will add 55,000 square meters of gross floor area to its portfolio.
In a disclosure to the Philippine Stock Exchange (PSE), SM said SM City Telabastagan is the fourth SM mall in Pampanga after SM City Pampanga, SM City Clark, and SM City San Fernando Downtown.
SM Prime president Jeffrey Lim said the SM malls in the province would benefit from the growing economy of Pampanga.
“The unwavering support of our fellow Pampangueños and the fast-growing economy of the province have led us to open yet a new mall, this time in Telabastagan. Alongside our first three malls in the province, SM City Pampanga, SM City Clark, and SM City San Fernando Downtown, we see SM City Telabastagan contributing further to the continuous development of Pampanga, providing both job opportunities and modern lifestyle and entertainment to its residents,” Lim said.
SM City Telabastagan is located along McArthur Highway, one of Pampanga’s major thoroughfares and will have two floors of shopping, dining and entertainment zones with indoor pocket gardens.
The mall is 84 percent space lease-awarded and will feature six digital cinemas. There will also be retail spaces with both homegrown and foreign brands.
Earlier this year, SM Prime opened two other malls, SM Center Imus in Cavite last Feb. 16 and SM City Urdaneta Central in Pangasinan last May 4.
The company will also open SM City Legazpi in Albay and SM Center Ormoc in Leyte in the second half of the year.
Lim said 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.
SM Prime reported a 15 percent increase in its first quarter net income to P7.6 billion, driven by the expansion of its mall and residential businesses in key cities all over the country. Revenues grew 14 percent to P23.4 billion.