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SM opens 2nd Davao mall

Published on Friday, 28 September 2012 00:00 [ Malaya.com.ph ]

SM Prime Holdings, Inc. (SM Prime) said it is opening its 46th shopping mall, SM Lanang Premier, in Davao City today.

The  mall, with a gross floor area (GFA) of 144,000 square meters (sqm), located at J.P. Laurel Avenue, Brgy. Lanang, Davao City, is SM Prime’s second mall in the province, after SM City Davao, opened in November 2001 and is nine kilometers away.

 “We warmly welcome our valued customers to our second mall in the province of Davao, SM Lanang Premier. This is SM Prime’s biggest and first premier mall development project in Mindanao that is designed to cater to the growing demands of the Davao market and its vibrant tourism industry,” said Hans T. Sy, SM Prime president.

SM Prime said SM Lanang Premier is already 88 percent occupied by various tenants.

“The mall’s facade is accentuated by the folded building concept, inspired by the traditional Japanese art of folding paper known as Origami,” SM Prime said.

Incorporating environmentally sustainable technology in its design and construction, SM Lanang Premier features a Skygarden with water fountains, art installations, and landscaping.

SM Lanang Premier brings the total number of SM Prime malls to 46 all over the country, with a combined GFA of 5.5 million sqm. It is the fifth SM mall to be opened this year, after SM City Olongapo in Zambales, SM City Consolacion in Cebu, SM City San Fernando in Pampanga and SM City General Santos in South Cotabato.

For the rest of 2012, SM Prime is scheduled to open SM Chongqing in China.

By the end of this year, SM Prime will have 46 malls in the Philippines and five in China with an estimated combined GFA of 6.3 million sqm.

Online brokerage firm Colfinancial.com recently increased its fair value estimate for SM Prime to P17 per share from P16.65 per share.

“We continue to like SMPH for being a major beneficiary of the favorable outlook for consumer spending in the country. We forecast revenues to increase at a CAGR (compounded annual growth rate) of 13.7 percent from fiscal year 12 to  fiscal year 14, and net income to increase at a CAGR of 12.5 percent,” Colfinancial said.

“In the next two year, SMPH’s growth will continue to be driven by its domestic operation,” it also said.
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