Property developer SM Prime Holdings Inc. said Wednesday its 73rd shopping mall in the country is set to open on Friday in Olongapo City.
SM Prime said in a disclosure to the stock exchange SM City Olongapo Central, which has a gross floor area of 72,000 square meters, is its second lifestyle mall in Zambales province.
“Olongapo City remains as one of the fastest-growing cities in Central Luzon creating a wonderful synergy on economical and sustainable development. SM City Olongapo Central will not only enhance the beauty of this thriving city, and its province, but will also create more jobs and business opportunities to locals who aspire to grow with our company,” SM Prime president and chief executive Jeffrey Lim said.
SM Prime also owns seven malls in China.
The company is scheduled to open SM Center Dagupan, SM City Butuan and SM Mindpro Citimall in Zamboanga later this year. It also set to complete the expansion of SM City Fairview and SM City Baguio.
SM Prime said this year’s mall launches would all be in the provinces, adding more than 300,000 sqm of GFA to the group’s portfolio.
Situated in Olongapo’s primary business district along Rizal Avenue in Barangay East Tapinac, SM City Olongapo Central is a four-story shopping, dining and entertainment mall with well-loved SM brands such as SM Supermarket, The SM Store, Our Home, Watsons, Uniqlo, Surplus, Sport Central, SM Appliance Center, Ace Hardware, Banco de Oro and China Bank.
SM City Olongapo Central will open with 85-percent of space lease-awarded. It is expected to be an ideal avenue for communities from neighboring towns and provinces to converge and enjoy a refreshing and holistic urban lifestyle experience topped with modern amenities including a Food Hall, Cyberzone, Wellness Zone, six digital cinemas, a convention center, more than 700 carpark slots and a sports entertainment venue.
SM Prime registered a net income of P19.3 billion in the first half, up 16 percent from P16.62 billion in the same period last year on the sustained growth of its mall and residential businesses.
First-half consolidated revenues increased by 15 percent to P57.05 billion from P49.77 billion a year ago.