malls in the Philippines

SM’s plans for 2024: Instagram-worthy malls, esports venues

Ralf Rivas

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SM’s plans for 2024: Instagram-worthy malls, esports venues
(2nd UPDATE) SM is banking on the Philippines' young, dynamic, and higher-earning population to drive growth

MANILA, Philippines – Mall and property developer SM Group is banking on Instagram-worthy installations and the growing popularity of e-sports to drive its growth this 2024.

During the group’s recently held annual stockholders meeting, SM Investments Corporation president and chief executive officer Frederic DyBuncio said they will be opening four new malls in 2024, one in Metro Manila, and three in provincial areas.

SM Prime, the group’s mall development arm, is set to build “larger-than-life installations and Instagrammable spots in various malls,” as well as having concert series in the cinemas and holding esports tournaments.

Here are some artist renders of the new SM malls, namely SM City Caloocan, SM City J Mall in Cebu, SM City Laoag, and SM City La Union:

City, Architecture, Building
SM City Caloocan. Handout
Architecture, Building, Convention Center
SM City J Mall in Cebu. Handout
Terminal, Airport, Outdoors
SM City Laoag. Handout
SM City La Union. Handout

The group will also unveil this year the SM Game Park at the Mall of Asia, which will house indoor sports activities.

“We have a young, dynamic, higher-earning population who will help support and drive economic activity,” DyBuncio said.

More plans

The SM group also unveiled some of its plans for its other companies. 

Its residential property development arm, SM Development Corporation, is rolling out up to 10,000 residential units in the northern part of the Philippines and across Visayas and Mindanao.

SM Hotels is set to officially launch the first Lanson Place property at the Mall of Asia Complex in Pasay City.

In retail, Alfamart is set to expand its stores by at least 400 in 2024.

For its banking business, BDO will continue to expand its bank branches by up to 120 this year.

SM is also set to invest in renewable energy, following its acquisition of the Philippine Geothermal Production Company. It is set to explore new steam fields in northern and southern Luzon, with the aim to double the company’s current steam production of 300 megawatts in the medium-term.

“We expect our core businesses to continue its growth trajectory. Additionally, we anticipate that our portfolio investments will contribute significantly to our overall performance in the medium-term as these are well-positioned to capture opportunities in high growth sectors,” DyBuncio said. –

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Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.