MANILA, Philippines – SM Prime Holdings Incorporated, one of the leading integrated property companies in Southeast Asia, is set to open SM Cherry Antipolo, its 63rd mall in the country, on Friday, June 30.
Situated along the bustling Marcos Highway, SM Cherry Antipolo offers 27,000 square meters (sqm) of gross floor area (GFA). It brings SM's total retail footprint to 9.1 million sqm in the Philippines. (READ: Cherry Foodarama to reopen, now under SM management)
"SM Cherry Antipolo is the 3rd Cherry Foodarama outlet in the country that SM Prime reopens to the public after acquiring the brand," SM Prime president Jeffrey Lim said in a statement to the local bourse.
"The opening of this mall provides the company a stronger foothold in the eastern part of Metro Manila along with our 3 other malls in Rizal province, the SM City Masinag, SM City Taytay, and SM Center Angono," Lim added.
SM said the 3-level mall will already be 55% leased to tenants when it opens on Friday.
SM Cherry Antipolo will also have a Sky Garden on the second level, with covered dining areas and walking paths.
Since the start of 2017, SM Prime has opened SM CDO Downtown Premier and S Maison at Conrad Manila.
By the end of the year, it will open SM City Puerto Princesa in Palawan. (READ: Doing business under Duterte? Philippines' richest family shows how)
SM Prime, which recently reached P1-trillion market capitalization, earlier committed to spend P100 billion in capital expenditures over the next two years, primarily to roll out more shopping malls and residential projects in the country.
It recently raised P20 billion from the issuance of 7-year bonds due 2024, primarily to fund its capital spending plan.
Based on its 5-year plan ending 2018, SM Prime targets to have 75 shopping malls in the country.
SM Prime earlier said it has a sufficient land bank totaling 1,227 hectares, which is good for development for the next 5 to 7 years. The company's land bank is also geared toward provincial expansion. – Rappler.com