SM Prime Holdings Inc. is investing in regional expansion by adding 70,000 square meters of new gross floor area across three major regional malls in the fourth quarter. The projects in Iloilo, Batangas, and Naga aim to capture growing consumer and business demand outside Metro Manila while incorporating sustainable building features.
SM Prime Pushes Regional Growth With 70,000-Square-Meter Expansion
Property giant SM Prime Holdings Inc. is allocating a portion of its capital program toward expanding its retail footprint outside the capital region. The company is set to bring online 70,000 square meters of new floor space across three strategic provincial hubs before the end of the year, targeting growing consumer traffic and commercial activity in Western Visayas, Calabarzon, and Bicol.
The expansion comes as the company pursues a capital expenditure program of P100 billion for the year, supporting both its retail leasing operations and the opening of four new malls, GMA Network reported. Shares in SM Prime recently traded at P18.12 apiece, marking a slight increase of 2 centavos, or 0.11%, from the previous close.
Iloilo North Block Leads Regional Projects With National University Campus
The largest of the three developments takes shape at SM City Iloilo, which is receiving a 35,000-square-meter addition through its North Block project. The mixed-use expansion integrates multi-level parking with ground-floor retail spaces dedicated to essential services, medical and wellness services, specialty stores, convenience stores, and cafes.
A notable addition to the Iloilo complex is a campus for National University, designed to bring educational facilities directly into a commercial development.
Batangas and Naga Add Trade Halls, Parking, and Rooftop Decks
In Batangas, SM City Sto. Tomas is expanding by more than 26,000 square meters via a new third level. This addition introduces dedicated space for amusement concepts, restaurants, wellness establishments, retail stores, a dedicated Trade Hall, and co-working and meeting spaces.
Further south, SM City Naga is growing by 9,000 square meters through a two-story addition. The project incorporates additional parking facilities and a roof deck extension while concurrently redeveloping existing tenant areas to improve circulation.
Economic Hubs and Sustainable Infrastructure Drive the Strategy
Company leadership emphasizes that these provincial centers represent robust consumer markets capable of absorbing additional commercial investment. The targeted cities serve as vital anchors within their respective regional economies.
“The cities of Iloilo, Sto. Tomas, and Naga are major economic hubs in their respective regions, with strong potential to attract more businesses and investment.”
Jeffrey Lim, SM Prime President
Beyond retail space, SM Prime has integrated environmental efficiency measures into all three regional construction phases. The upgraded complexes will feature solar panels, electric vehicle charging stations, and energy- and water-efficient systems.
“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.”
Jeffrey Lim, SM Prime President
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