2015 will welcome five new malls by mega-developer SM Prime Holdings, Inc., the largest retail developer in the Philippines.
Hans Sy, president of the realty firm, issued that the following malls will open their doors to the public within the year:
1. SM Megacenter in Cabanatuan City, poised to open within the month;
2. SM San Mateo;
3. SM Sangandaan, in Quezon City;
4. the main mall, SM Cabanatuan, in Cabanatuan City;
5. SM Cebu
Sy says that the four malls in Cabanatuan, San Mateo, and Sangandaan are "sure" to open as planned.
"I should say that this year, we will have four new malls. Hopefully, five," said Sy, pertaining to the impending SM Cebu, set to rise on a reclaimed plot of land in South Road Properties.
"[SM Cebu] is actually a very big project. It is targeted to open by end of November," stated Sy.
"I wanted to make sure that it’s going to be a good present offering," stated Sy, who described the retail center as a "destination mall."
Additionally, the property giant is on the lookout for more malls that can be "acquired and rebranded," as was the case with the Megacenter in Cabanatuan, which stands as an "acquired mall."
"First thing we look into is the location. It's all about location," said Sy. "If the location is good, chances are it's not limited to price alone. Because sometimes, the property is cheap but if it's not a good location, then it’s still no good."
Sy expressed that the company is "on track" with their five-year plan: to grow their retail portfolio to 85 malls by 2020. According to the property firm, 74 of the malls are pegged to rise in the Philippines while 11 will be located in China.
SM currently has 50 malls in the Philippines and five in China.