SM Prime to open 5 new malls next year

20 Nov

SM Prime Holdings (SMPH) will continue growing its empire of malls with the planned opening of four to five new branches next year.

Jeffrey C. Lim, chief finance officer of SM Prime, said four of the five malls would be situated in the country, while one would open in China.

“We’re opening four or five, including Tianjin,” Lim said.

For the local sites, Lim cited Cebu and Cabanatuan as sure locations for the upcoming malls along with the planned expansion of its mall in Bulacan.

“Given the size that we have now, the new malls would increase our gross floor area (GFA) by another eight percent,” he said.

Over the long term, SM Prime earlier said it intends grow its malls to 85 (74 in the Philippines and 11 in China) with a GFA of 6.95 million sqm in 2018.

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SM Prime recently opened SM Center Angono in Rizal, its 50th mall in the Philippines.

“We are committed to continue our expansion towards the provincial areas which remains our strategic direction in the Philippines.

In almost 30 years, SM Malls have become an important element in every community.

We will also continue to expand and improve the look and feel of our existing malls to keep them current and exciting for our customers,” SM Prime president Hans T. Sy said earlier in a statement

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Posted by on November 20, 2014 in Corporate News, SMPH, Stock Market


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