SM Prime Holdings Inc. is further boosting its regional growth momentum as it expands three malls in the western Visayas and south Luzon.
The real estate giant said on Wednesday the expansion would provide an additional 70,000 square meters (sq m) of gross floor area to its retail portfolio in the final stretch of the year.
‘The cities of Iloilo, Sto. Tomas and Naga are major economic hubs in their respective regions, with strong potential to attract more businesses and investment,’ SM Prime president Jeffrey Lim said in a statement.
‘Through these mall expansions, we aim to support their continued growth by creating more opportunities for MSMEs (micro-, small- and medium-sized enterprises), generating local employment and contributing to stronger communities,’ Lim said.
The SM City Iloilo North Block gets the biggest chunk of the expansion move, with about 35,000 sq m of gross floor area.
The additional space will include covered multilevel parking, new ground-floor retail spaces for essential services, medical and wellness services, specialty stores, a convenience store and a cafe. There will also be a National University campus.
The SM City Sto. Tomas in Batangas, meanwhile, will have a third level, subsequently adding over 26,000 sq m. Visitors would soon see new amusement concepts, restaurants, wellness establishments and retail stores.
The additional level would also house a trade hall, coworking and meeting spaces and visual installations. As it anticipates more visitors, the group said it would allot additional parking space.
SM City Naga in Camarines Sur will have a two-story expansion with about 9,000 sq m.