Monday, March 24, 2008 [ philstar.com ]
SM Investments Corp. (SMIC), the listed investment holding company of the family of tycoon Henry Sy, is ramping up its expansion program with plans to open three shopping malls, up to nine supermarkets and two hypermarts during the year.
The plan was disclosed by SMIC in a financial report it recently submitted to securities regulators.
SMIC, through its subsidiaries, has 30 supermalls in and outside Metro Manila with a total gross floor area of 3.9 million square meters. It also has 29 supermarkets and 11 hypermarkets.
By end 2008, SMIC is expected to account for a total of 33 shopping malls, 13 hypermarts and up to 38 supermarkets.
SMIC’s assets include SM Prime, the largest shopping mall builder in the country; Banco de Oro, the second-biggest lender in the nation by market value; SM Development Corp. (SMDC), which builds residential towers and offices for call centers; and SM Department Stores, the group’s vehicle for its grocery operations.
SM Prime is slated to open this year SM Marikina, SM Baliuag and SM Supercenter Rosales which will increase total gross floor area to 4.1 million square meters by end-2008. The expansion of SM Megamall and SM Fairview are also underway.
Last November, SM Prime approved the acquisition of three SM malls in China located in the southern and western parts of China namely Xiamen, Jinjiang and Chengdu. The move will allow SM Prime to gain a foothold in China’s fast-growing economy and use this as springboard for long-term growth outside of the Philippines where it is already the dominant shopping mall developer.
Last year, SM Prime opened SM City Bacolod, SM Taytay and SM Supercenter Muntinlupa, and expanded existing malls — SM Cebu, and SM Pampanga.
SM Department Stores, meanwhile opened two hypermarts in 2007, located in Muntinlupa and Taytay. The total net selling area of the SM Supermarkets and SM Hypermarkets stood at 162,716 sqm. and 122,479 sqm., respectively.
The group, through SMDC, will continue to step up its residential development activity with three new projects — Lindenwood Residences (a residential subdivision in Muntinlupa), Berkeley Residences ( a 35-storey condominium building along Katipunan Ave. in Quezon City) and Grass Residences (a three-tower condominium building to rise on a 3.6 hectare property near SM North Edsa).
SMIC is also into tourism through SM Land Inc. and Highlands Prime Corp.
Their ongoing projects include The Woodridge Park, The Hillside and The Woodlands Point.
The Woodridge Park, west of The Woodridge in Tagaytay Highlands, is composed of 10 timber and stone buildings with a total of 125 condominium units ranging from 170-300 square meters in size.
The Hillside, on the other hand, is the first residential lot development at Tagaytay Highlands featuring North American log cabin- themed architecture. It has a total of 180 lots averaging 500 sqms per lot. Meanwhile, The Woodlands Point, Highlands’ latest and most luxurious project to date, will have 60 North American log cabins with floor areas ranging from 250-330 sqm, highlighted by floor-to-ceiling glass windows and stone accents.
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