Sy Group set to expand Mall of Asia complex

SM Investments Corp. (SMIC), the listed investment holding company of retail tycoon Henry Sy, will put up two new buildings worth around P2.4 billion within its 60-hectare Mall of Asia complex.

SMIC said the two projects involve the first private-run exhibition and convention center in the country, estimated to cost P900 million, and a 10-story courtyard-oriented e-commerce building, which will cost the company some P1.5 billion. Both projects are slated for completion by the middle of 2007.

The 40,000-square meter SM Exhibition and Convention Center, is envisioned as a favored venue for major conferences and trade exhibits, as well as for other international and local events. The building will have two floors, a mezzanine and basement parking with a total leasable area of 17,800 square meters featuring large exhibition areas and function rooms. The 94,000-square meter SM eCOMCenter, on the other hand, will have a total leasable area of 67,900 square meters with seven floors allotted for office space, two and a half floors for parking, and the ground floor for commercial uses. Dell Inc., the world’s largest computer maker, has already inked a deal with the SM Group to lease an office space within the e-commerce building.

Other developments being planned at the SM central business park include corporate headquarters for one or two conglomerates, hotels, office and residential clusters, a coliseum for sporting events and entertainment shows, as well as a ferry terminal.

The Mall of Asia, the property’s centerpiece, is set to open by the first quarter of 2006. The 381,000-square meter complex consists of four buildings that will feature the widest array of stores and venues for entertainment, sports, arts and culture, and the country’s first IMAX theater.

Over the long term, the SM central business park with its strategic location, will emerge as the foremost and the only central business district in the country by the bay, integrating business park facilities with entertainment, recreational, tourism, and residential land uses.

Located at the heart of the Philippine capital against the backdrop of the famous Manila Bay sunset and near the international airport, the business park is seen to put the city on the world map among the new and exciting developing urban centers of Asia.