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MANILA, Philippines – Sy family-led SM Prime Holdings Incorporated will open its 84th mall in the Philippines – SM Center San Pedro – on Friday, October 13, in Laguna, south of the capital.
In a disclosure on Wednesday, October 11, publicly listed SM Prime said its new mall in San Pedro City is its fourth mall in Laguna after the “success” of SM City Sta. Rosa, SM City San Pablo, and SM City Calamba.
SM Center San Pedro is located along United Bayanihan (UB) Main Road, Barangay United Bayanihan, San Pedro City. It is roughly 28 kilometers from Manila or over an hour’s drive via the South Luzon Expressway.
San Pedro City had a population of 326,6001 in 2020. It was the 5th most populous city in Laguna after Calamba, Santa Rosa, Biñan, and Cabuyao. With a total land area of only 24 square kilometers, the city says it has the highest population density in the province and in the whole Southern Tagalog region with 14,000 people per square kilometer.
San Pedro is also described as “Laguna’s gateway to Metro Manila,” with many of its suburban residents commuting daily to Metro Manila for work.
“SM Center San Pedro is SM Prime’s 84th mall in the Philippines and is set to provide further opportunity for the Company to expand its brand of service and convenience to more Filipinos in the south, specifically in Laguna and nearby towns of Cavite. SM Center San Pedro, with its ideal location, aims to converge business, leisure and entertainment that will enhance economic and civic activities in the area,” said SM Prime Holdings president Jeffrey Lim.
SM Prime is set to open its 85th mall – SM City Sto. Tomas – in Batangas on October 27, Friday.
It opened its 83rd mall – SM City Bataan – in May this year.
SM Prime, one of the major integrated property developers in Southeast Asia, reported a net income of P19.4 billion in the first six months of 2023, 38% higher than the P14 billion in in the same period in 2022.
“The strong performance of SM Prime’s main business units in the first half of 2023, led by its malls and primary residences, amplifies its commitment to be a driver of growth in the local property industry,” Lim said in August.
“We will continue to be strategic in expanding our footprints and operations across different localities where we can continue to be partners for growth and progress,” he added.
SM Prime said 90% of the space in its new mall in San Pedro, with three levels of shopping, dining, and entertainment, has already been lease-awarded.
SM Supermalls is celebrating its 65th year, which it kicked off with a Tenant-Partner Summit in September at the SMX Convention Center. Best-selling author Malcolm Gladwell led the speakers in the event.
SM was founded by the late tycoon Henry Sy, a poor Chinese migrant from Xiamen, China, who put up a shoe store, ShoeMart, in 1958 in Carriedo, Manila.
Sy would eventually become the Philippines’ richest man. He died on January 19, 2019 at age 94. His children and other relatives now run the family conglomerate. Aside from real estate and property, the family’s empire includes banking, gaming, mining, and schools. – Rappler.com
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