SM Prime to open mall in Puerto Princesa, Palawan

MANILA, Philippines – SM Prime Holdings Incorporated is set to open its first mall in Puerto Princesa, Palawan on Friday, September 15 – its 64th nationwide.

SM Prime told the Philippine Stock Exchange (PSE) on Wednesday, September 13, that SM City Puerto Princesa will have 54,000 square meters (sqm) of gross floor area (GFA), bringing its total retail space in the Philippines to 7.9 million sqm.

Once opened, it will be competing with Gokongwei-owned Robinsons Place Palawan, Chinatown Center Palawan, NCCC Mall, and bazaar-type LRC 908 Market Mall.

“We take pride in opening the 64th mall of SM Prime in one of the most sought-after island destinations in the world,” SM Prime president Jeffrey Lim said in the disclosure.

“We expect SM City Puerto Princesa to add new dynamics and opportunities to the thriving province of Palawan highlighted by SM’s pursuit of [a] new and unique malling experience,” Lim said.

SM Prime said its new Palawan mall will be 80% lease-awarded upon opening. (READ: SM Prime, Ayala to defy China’s slowdown)

The mall developer said it will have 3-level retail and dining floors that will house around 180 food and retail shops, a supermarket, 3 158-seater SM digital cinemas, and two 48-seater Director’s Club cinemas.

This year, SM Prime has already launched SM CDO Downtown Premier in Cagayan de Oro, S Maison at Conrad Manila in Pasay City, and SM Cherry Antipolo in Rizal.

The Sy-led mall developer is still scheduled to open SM Center Tuguegarao Downtown in Cagayan Valley.

Mall operations remained the top contributor to SM Prime‘s net income, which increased by 15% to P7.79 billion during the 2nd quarter of the year.

This is compared to the P6.75 billion registered in the same period in 2016. (READ: FAST FACTS: SM Investments Corporation)

This brought the bottom line of the country’s leading integrated property developer to P14.39 billion in the 1st half of 2017, 14% higher from P12.59 billion in the same period last year.

SM Prime currently has 63 shopping malls in the Philippines and 7 in China with a GFA of 7.8 million sqm and 1.3 million sqm, respectively. – Rappler.com