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SM City North Edsa now RP’s biggest and world’s 3rd largest

Vol. XXII, No. 100 [ BusinessWorld Online ]
Friday, December 12, 2008 | MANILA, PHILIPPINES

The world’s third-biggest shopping mall will open in Quezon City this week, a vote of confidence on the country’s economic prospects amid a global slowdown, its owners said yesterday.

— BW File Photo

The launch on Friday of a 90,000-square meter annex will make the SM City North Edsa mall the third biggest in the world with a gross floor area of 425,000 square metres, SM Prime Holdings, Inc. said in a statement.

It will take away the distinction from SM Mall of Asia in Pasay City, which used to be the country’s largest.

SM Prime, a holding firm of the country’s richest man Henry Sy, also owns the world’s fourth, seventh, and 11th biggest malls — SM Mall of Asia, SM Megamall in Ortigas, Pasig and SM City Cebu.

SM Prime President Hans Sy said launching the project amid the worsening global downturn "speaks of how we view the longer-term prospects of the country."

Yesterday, the Asian Development Bank forecast said Philippine economic growth would slow to 4.5% this year and further down to 3.5% next year after growth of 7.2% in 2007.

Hundreds of Filipinos employed abroad, part of a huge number that remits the equivalent of 10% of the country’s gross domestic product to their families back home every year, have lost their jobs, the government said.

SM Prime said tenants have signed up for 70% of the leasable space in the six-storey extension to the mall. SM Prime recently opened two other malls, with a third also set to open on Friday. — AFP

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