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SM Prime allots P20b, to open 8 malls this year

by Jenniffer B. Austria
[ manilastandardtoday.com ] January 10, 2010
SM Prime Holdings Inc., the country’s shopping mall operator and developer, plans to spend P20.1 billion and open eight new malls this year.
SM Prime chief finance officer Jeffrey Lim said the eight malls are in General Santos City; Masinag, Antipolo City; Dasmariñas, Cavite; San Fernando, Pampanga; Davao City; Olongapo; Consolacion, Cebu; and Novaliches.
SM Prime is also set to open SM Chongquing and SM Suzhuo in China this year.
Lim said the eight new malls would add another 400,000 square meters of gross leasable area for SM Prime.
Lim said SM Prime would have the most number of store openings this year but not the most in terms of area.
SM Prime in 2006 opened Mall of Asia in Pasay City, which has a leasable area of 409,000 sq.m.
SM Prime is trying out a new concept that will incorporate the public market into the shopping mall. SM Prime has chosen the soon-to-open SM Dasmariñas, Cavite for the pilot test.
SM Prime plans to build a three-level shopping mall and allot the basement for the public market vendors.
The first level will be reserved for a supermarket while the second level will be set aside for commercial tenants and restaurants. The third floor will serve as parking area.
SM Prime has teamed with the local government units in Dasmariñas, Cavite.
SM Prime posted a consolidated net income of P1.9 billion in the third quarter of 2010, up 12 percent from P1.7 billion year-on-year.
Consolidated revenues grew 14 percent to P5.7 billion from P5 billion on year.
SM Prime registered a net income of P5.6 billion in the first nine months of 2009, up 11 percent from P5.1 billion.
Revenues in the first nine months of this year reached P17 billion, up 17 percent on year.
SM Prime’s consolidated rental revenues grew 13 percent to P14.3 billion, contributing 84 percent to the total in the nine-month period. The increase came from both new space and same store rental growth of 6 percent.
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