RSS

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.

Be a SMART stock investor guided by 8 top stockbrokers! (size 468x60)
Get FREE stock analysis, special reports and brokers’ recommendations!

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

Advertisements
 
Leave a comment

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

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

 
%d bloggers like this: