The SM GROUP targets to finish the expansion of the SM Mall of Asia (MOA) before the year ends, which would make it the largest shopping mall in the country.
SM Prime Holdings, Inc. started the expansion of MOA for its 10th year anniversary on May 21, 2016, in a bid to add around 250,000 square meters (sq.m.) more of floor space to the current 407,000 sq.m.
“They’re trying to hit late this year, if not early next year. That’s a major expansion, and also they’re upgrading a lot of facilities,” SM Investments Corp. (SMIC) Senior Vice-President for Investor Relations Corazon P. Guidote told reporters at the sidelines of the Economic Journalists Association of the Philippines forum in Manila last Friday.
When it opened, SM MOA was the largest shopping mall in the country at the time. However, it was soon overtaken by SM City North EDSA and SM Megamall, which also underwent expansion.
The SM MOA expansion forms part of SM Prime’s plan to add five more malls under its network in 2017. To date, the listed firm owned by the country’s richest man Henry Sy, Sr. has already opened three of the planned malls, namely SM Cagayan de Oro Downtown Premier, S Maison at Conrad Manila in Pasay City, and SM Cherry in Antipolo City
SM Prime is set to open another mall in Puerto Princesa, Palawan by the second week of September, which will have a total gross leasable area of 65,073 sq.m.
Asked how many more the company plans to add, Ms. Guidote noted the annual expansion target is usually five to six malls.
“But I think next year mas marami (there will be more) because they’re opening smaller malls. I think we’ll be closing around 10 malls next year. But in addition, they’re also expanding existing malls,” she added.
The company’s store network now stands at 63 shopping malls in the Philippines and seven in China, totaling 1.3 million sq.m.
By 2018, SM Prime targets to have 75 malls as part of a five-year road map that looks to double both earnings and revenues by 2018. The company earmarked P50 billion in capital expenditures this year to support the expansion plan.
SM Prime’s net income attributable to the parent rose 14% to P14.39 billion in the first six months of 2017. Consolidated revenues picked up 10% to P43.25 billion, 60% of which came from mall operations which amounted P21.75 billion. — Arra B. Francia
http://bworldonline.com/moa-expansion-completed-end-2017/
SM Prime Holdings, Inc. started the expansion of MOA for its 10th year anniversary on May 21, 2016, in a bid to add around 250,000 square meters (sq.m.) more of floor space to the current 407,000 sq.m.
“They’re trying to hit late this year, if not early next year. That’s a major expansion, and also they’re upgrading a lot of facilities,” SM Investments Corp. (SMIC) Senior Vice-President for Investor Relations Corazon P. Guidote told reporters at the sidelines of the Economic Journalists Association of the Philippines forum in Manila last Friday.
When it opened, SM MOA was the largest shopping mall in the country at the time. However, it was soon overtaken by SM City North EDSA and SM Megamall, which also underwent expansion.
The SM MOA expansion forms part of SM Prime’s plan to add five more malls under its network in 2017. To date, the listed firm owned by the country’s richest man Henry Sy, Sr. has already opened three of the planned malls, namely SM Cagayan de Oro Downtown Premier, S Maison at Conrad Manila in Pasay City, and SM Cherry in Antipolo City
SM Prime is set to open another mall in Puerto Princesa, Palawan by the second week of September, which will have a total gross leasable area of 65,073 sq.m.
Asked how many more the company plans to add, Ms. Guidote noted the annual expansion target is usually five to six malls.
“But I think next year mas marami (there will be more) because they’re opening smaller malls. I think we’ll be closing around 10 malls next year. But in addition, they’re also expanding existing malls,” she added.
The company’s store network now stands at 63 shopping malls in the Philippines and seven in China, totaling 1.3 million sq.m.
By 2018, SM Prime targets to have 75 malls as part of a five-year road map that looks to double both earnings and revenues by 2018. The company earmarked P50 billion in capital expenditures this year to support the expansion plan.
SM Prime’s net income attributable to the parent rose 14% to P14.39 billion in the first six months of 2017. Consolidated revenues picked up 10% to P43.25 billion, 60% of which came from mall operations which amounted P21.75 billion. — Arra B. Francia
http://bworldonline.com/moa-expansion-completed-end-2017/
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