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Tuesday, December 5, 2023

SM Prime set to open mall in Zamboanga, its 7th in Mindanao

SM Prime Holdings Inc., one of the leading integrated property developers in Southeast Asia and owned by the Sy family, said Wednesday it will open on Friday a shopping mall in Zamboanga City, its seventh in Mindanao and 76th in the country.

SM Prime said in a disclosure to the stock exchange SM City Mindpro along La Purisima Street, Zamboanga City, has 38,000 square meters of gross floor area.

It will be the group’s first mall in Zamboanga City and seventh mall in Mindanao, SM City Mindpro.

“The opening of SM City Mindpro in Zamboanga is a testament to the flourishing economic activities in Mindanao boosting the confidence of SM Prime to continue its expansion plans in the region. We are delighted to welcome our fellow Zamboangueños to this newest SM mall, and assure every one of safety protocols implemented in accordance to government guidelines,” SM Prime president and chief executive Jeffrey Lim said.

Opening with more than 90-percent of space-lease awarded, SM City Mindpro will have four levels of mixed local and foreign shops that will provide entertainment and convenience in the city and its neighboring provinces.

“The easing of quarantine protocols in various areas in the country has led to the reopening of businesses that will help our economy bounce back quicker. We hope that through SM City Mindpro, which provides a center of convergence for economic, social and cultural activities, Zamboangueños will experience utmost convenience as they seek essential services as well as entertainment during these times,” Lim said.

SM Prime started expanding in Mindanao with SM City Davao in 2001, followed by SM City Cagayan de Oro in 2002, SM City General Santos and SM Lanang Premier in 2012, SM CDO Downtown in 2017 and SM City Butuan, which opened in early November.

SM Prime posted a consolidated net income of P14.37 billion in the first three quarters, down by 48 percent from P27.60 billion it booked in the same period last year.

Consolidated revenues reached P60.69 billion, down 29 percent from P85.03 billion in 2019.

The share price of SM Prime dropped 3.12 percent Wednesday to close at P37.30.

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