After bagging the right to redevelop the Harrison Plaza property in Manila, property giant SM Prime Holdings has continued to expand its footprint in the capital city with the acquisition of a smaller but strategically located property just beside the shopping mall complex.
We’re talking about the commercial strip right beside Harrison Plaza across the Bangko Sentral ng Pilipinas and beside Century Park Hotel. Our industry sources said the acquisition happened sometime during this COVID-19 pandemic and a spokesperson from SM confirmed the transaction, without providing additional details.
This property is much smaller than the 75,000-square-meter lot area of Harrison Plaza itself—may be less than a third—but it can complement the latter’s entire redevelopment project, earlier estimated at P40 billion.
SM Prime plans to transform the Harrison Plaza area into a mixed-use development “comprising several residential towers and a world-class mall, similar to the Podium.”
The city government of Manila had brought in SM Prime—a long-time anchor tenant since the Harrison Plaza complex was inaugurated in 1976—as its new partner in the redevelopment of the complex.
SM Prime replaced the long-time concessionaire, the Martel family, as the city government seeks to unlock greater value from this prime area.
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