SM’s re­sort-style mall set to open in Palawan

Business World - - CORPORATE NEWS - Arra B. Fran­cia

SM PRIME Hold­ings, Inc. is set to open a shop­ping mall in Palawan on Fri­day, its 64th in the coun­try and adding a to­tal of 54,000 square me­ters ( sq. m.) in gross floor area to its re­tail port­fo­lio.

In a state­ment is­sued on Wed­nes­day, the hold­ing firm for Henry Sy, Sr.’s prop­erty busi­ness said SM City Puerto Princesa will be the first mall in the largest prov­ince in the Philip­pines.

The new­est shop­ping mall will fea­ture a re­sort- style com­plex, re­flect­ing the trop­i­cal feel that the prov­ince is known for.

“We take pride in open­ing the 64th mall of SM Prime in one of the most sought-af­ter is­land des­ti­na­tions in the world. We ex­pect SM City Puerto Princesa to add new dy­nam­ics and op­por­tu­ni­ties to the thriv­ing prov­ince of Palawan high­lighted by SM’s pur­suit of new and unique malling ex­pe­ri­ence,” SM Prime Pres­i­dent Jeffrey C. Lim was quoted as say­ing in a state­ment.

With the ad­di­tion of SM City Puerto Princesa, SM Prime will now have a to­tal re­tail space of 7.9 mil­lion sq.m. in the Philip­pines.

The mall will have three floors ded­i­cated to re­tail and din­ing ar­eas fea­tur­ing around 180 re­tail and food shops. This in­cludes the SM Store, SM Su­per­mar­ket, BDO, Sports Cen­tral, Sur­plus Shop, Cy­ber­zone, Wat­sons, SM Ap­pli­ance, and Ace Hard­ware, among oth­ers.

It will also have a to­tal of five cinema houses, with three 158- seater SM Dig­i­tal Cin­e­mas and two Di­rec­tor’s Club Cin­e­mas with a ca­pac­ity of 48 each.

SM Prime noted that 80% of the space has been awarded to ten­ants in time for the mall’s open­ing.

SM City Puerto Princesa will be the fourth mall that the com­pany opened this 2017, with the four be­ing SM Ca­gayan de Oro Down­town Premier, SM Maison at Con­rad Manila in Pasay City, and SM Cherry An­tipolo in Rizal. The listed firm is set to open SM Cen­ter Tugue­garao Down­town in Ca­gayan Val­ley be­fore the year ends.

The com­pany’s ex­pan­sion to­ward the prov­inces is part of its strat­egy to take ad­van­tage of the grow­ing mar­ket out­side Metro Manila. In a pre­vi­ous state­ment, Mr. Lim noted that the prov­inces ac­count for more than half of their mall op­er­a­tions in the coun­try.

SM Prime re­ported an at­trib­ut­able profit of P7.79 bil­lion in the sec­ond quar­ter of 2017, a 15.35% jump from its earn­ings in the same pe­riod a year ago, driven by the pos­i­tive per­for­mance of its pro­vin­cial malls. This pushed the com­pany’s first half at­trib­ut­able profit to P14.39 bil­lion.

Rev­enues for the sec­ond quar­ter like­wise climbed 8.38% to P22.74 bil­lion, bring­ing first se­mes­ter rev­enues to P43.25 bil­lion.

Shares in SM Prime shed 30 cen­tavos or 0.89% to close at P33.50 each at the stock ex­change on Wed­nes­day. —

SM CITY Puerto Princesa is SM Prime Hold­ings, Inc.’s 64th mall in the Philip­pines.

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