SM Prime spending over P4 billion to expand 3 regional malls

MANILA, Philippines —  SM Prime Holdings Inc., the Sy family’s integrated property development arm, is spending over P4 billion to expand three of its regional malls.

SM Prime said it is adding approximately 70,000 square meters of gross floor area to its regional retail portfolio in the fourth quarter.

The projects covering three malls in the Western Visayas, Calabarzon and the Bicol Region will introduce a broader mix of retail, dining, entertainment and commercial offerings, as well as brands and concepts making their debut in these markets.

 “Through these mall expansions, we aim to support their continued growth by creating more opportunities for MSMEs, generating local employment and contributing to stronger communities,” SM Prime president Jeffrey Lim said.

Lim said Iloilo, Sto. Tomas and Naga are major economic hubs in their respective regions, with strong potential to attract more businesses and investment.

SM City Iloilo North Block is the largest of the three projects, with approximately 35,000 square meters of gross floor area to be added as part of a mixed-use development.

The expansion will provide more accessible covered multi-level parking, new ground-floor retail spaces for essential services, medical and wellness services, specialty stores, a convenience store, a cafe and a National University campus.

In Batangas, SM City Sto. Tomas will add more than 26,000 square meters by constructing a third level, introducing amusement concepts, restaurants, wellness establishments and retail stores.

The new level will also include a dedicated trade hall, co-working and meeting spaces and visual installations, while additional surface parking will be developed to support the mall’s increased capacity.

Meanwhile, SM City Naga will undergo a two-story expansion covering approximately 9,000 square meters.

The project will add parking and a roof deck extension, while redeveloping existing tenant areas to improve circulation and the overall customer experience.

SM Prime will spend P1.7 billion on the Iloilo expansion, while it will invest around P1.2 billion each in the projects in Batangas and Naga.

The three expansions will also feature energy- and water-efficient systems, solar panels, electric vehicle charging stations and enhanced waste management facilities to reduce resource use across their operations.