BY RCBC SECURITIES
SM Prime Holdings (SMPH) conducted a soft opening of SM Zibo, its sixth mall in China, during the last quarter of 2014 with the department store and the supermarket of the mall opened to the public.
The mall’s grand opening is set in April after all tenants are ready with their outlets.
SM Tianjin, which will be SMPH’s seventh and biggest mall in China, is also on track to meet its target opening in the latter part of the year.
SM Zibo has 154,000 square meters of leasable space while SM Tianjin will have 540,000 square meters.
The SM Group has allotted about PHP 60 billion for this year’s capital expenditures to bankroll its expansion, which covers SMPH’s additional malls. Out of the PHP 60 billion, around PHP 15-18 billion will go to SM Development Corp. (SMDC) for the group’s residential projects.