SM Prime to open new malls this year

Shopping mall operator SM Prime Holdings Inc. said it will open new malls this year as the company has set its sights on a strong finish for 2022.

The company recently opened its mall in Roxas, Capiz last April 8. This will be followed by the unveiling of SM City Tuguegarao, SM City Sorsogon and SM City Tanza in Cavite.

For its residential business segment, SM Prime through its unit SM Development Corp. aims to launch between 15,000 to 20,000 residential units, mostly on mid-rise and horizontal housing, subject to government approval of its licenses to sell.

SM Prime is also set to launch FourE-Com Center, an office building, in the Mall of Asia Complex, Pasay City and SMX Clark in Pampanga later this year to further enhance its integrated property development plan in these areas.

“As we get pass through the challenges of the recent years, we are refocusing our efforts in continuing the expansion programs of our integrated developments across the country led by our malls and residential businesses. We will cultivate the learnings from past to achieve greater goals that will provide better opportunities and lives to many Filipinos,” SM Prime President Jeffrey Lim said.

Medium-rise units are priced at about P3.2 million each, or below the price when value added tax starts to kick in. SMDC is also venturing into the horizontal or house and lot market which has even lower price points.

Medium-rise projects, or those about four-storeys high but still equipped with elevators, already comprise about half of SMDC’s portfolio as it moves to the provincial areas which benefit from remittances from overseas Filipino workers.

“What we’re trying to do is to bring the products near the market. So that’s the provincial areas. And what is rather attractive there is that these products are alongside our malls or are near our malls. So it creates the opportunity for the integrated approach of the SM Prime,” Lim said.

Lim said things are getting better since the government eased quarantine restrictions in Metro Manila and nearby provinces, resulting in a foot traffic “close to pre-pandemic during weekends” in its malls.

“We believe that even if we’re not able to reach a pre-pandemic level before end of the year, at least we should target between 80 to 90 percent (of 2019 figures). So we are optimistic about the prospect for 2022,” he said.

Meanwhile, the company’s board approved the declaration of cash dividends of P0.097 per share, amounting to P2.8 billion to all stockholders of record as of May 11, payable on or before May 24.

Image credits: Facebook page of SM City Roxas


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