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SM Prime opening 4 new malls

Sunday, 18 March, 2012 19:24 Written by Lailany P. Gomez
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Mall developer SM Prime Holdings Inc. is scaling up its operations with the opening of four more shopping malls this year.

SM Prime said it is set to open new malls in Lanang, Davao City; General Santos City in Southern Mindanao; Consolacion, Cebu; and San Fernando, Pampanga within the year.

Parent firm SM Investment Corp. is expanding its portfolio of property projects from residences to leisure developments.

SM Hotels and Conventions Corp., a unit of SM Investments, will construct a convention center and a hotel in Davao in the second half of 2013.

Meanwhile, SM Land, a new unit of SMIC, is developing Hamilo Coast, a premier coastal community in Nasugbu, Batangas that encompasses 5,800 hectares of forest and aquatic resources. The first phase of the project is located at Pico de Loro, one of the 13 coves along the 31-kilometer Batangas coastline.

The 37.5-hectare Pico de Loro Cove is the first coastal community to rise in Hamilo Coast and involves eight mid-rise, low-impact condominium buildings along with exclusive Beach and Country Club and Pico Sands Hotel.

SMIC reported a 15-percent increase in its consolidated net income to P21.2 billion in 2011, on higher earnings from its banking, retailing, shopping mall and real estate businesses.

The holding company of the country’s richest man, Henry Sy, also reported a 13-percent rise in consolidated revenues to P200.7 billion as all core businesses reported strong growth.

(Published in the Manila Standard Today newspaper on /2012/March/19.)

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