By Zinnia B. Dela Peña
The Philippine Star 02/02/2006
SM Prime Holdings Inc., the country’s largest mall operator, will open this month its 23rd mall in Sta. Rosa, Laguna.
The two-level, 79,000-square meter mall, is a 10-minute drive from the Mamplasan exit along the South Expressway.
SM Prime will open at least four more malls this year including SM City Clark, SM City Lipa and SM City Bacolod which will bring to 29 its total number of malls.
SM Prime is also expanding SM North Edsa with the construction of Annex 3. It is also set to open next month the Mall of Asia, its biggest mall to date with a total floor area of 454,000 square meters in the Manila Bay area.
Mall of Asia is envisioned as the country’s premier shopping destination and tourist attraction revitalizing the Roxas Boulevard area.
SM Prime expects to sustain double-digit growth in revenues this year with the opening of new malls. Profit, meanwhile, is projected to grow by seven to 10 percent.
In the nine months ending Sept. 2005, SM Prime posted a net income of P3.59 billion, up seven percent from P3.37 billion. Contributing to the bulk of revenues was rental income from leases in the malls and food courts which grew 10 percent to P6.48 billion from P5.91 billion in the same period last year.
Gross revenues likewise increased five percent to P7.8 billion although operating expenses went up six percent to P3.34 billion this year from P3.15 billion last year.
SM Prime expects consumer spending for the Christmas holidays to boost growth in the last quarter as holiday spending picked up with the increased inflow of overseas Filipino workers’ remittances.
The company is bidding for a 27,351-square meter property in Cebu as it beefs up its landbank to ensure its continued expansion and growth. It correctly has a land bank of 1.75 million square meters in 12 locations.
SM Prime is a member of the SM Group, a conglomerate with interests in the property development, retail sale, wholesale and merchandising, banking and financial services, leisure and tourism and real estate sectors.
The Philippine Star 02/02/2006
SM Prime Holdings Inc., the country’s largest mall operator, will open this month its 23rd mall in Sta. Rosa, Laguna.
The two-level, 79,000-square meter mall, is a 10-minute drive from the Mamplasan exit along the South Expressway.
SM Prime will open at least four more malls this year including SM City Clark, SM City Lipa and SM City Bacolod which will bring to 29 its total number of malls.
SM Prime is also expanding SM North Edsa with the construction of Annex 3. It is also set to open next month the Mall of Asia, its biggest mall to date with a total floor area of 454,000 square meters in the Manila Bay area.
Mall of Asia is envisioned as the country’s premier shopping destination and tourist attraction revitalizing the Roxas Boulevard area.
SM Prime expects to sustain double-digit growth in revenues this year with the opening of new malls. Profit, meanwhile, is projected to grow by seven to 10 percent.
In the nine months ending Sept. 2005, SM Prime posted a net income of P3.59 billion, up seven percent from P3.37 billion. Contributing to the bulk of revenues was rental income from leases in the malls and food courts which grew 10 percent to P6.48 billion from P5.91 billion in the same period last year.
Gross revenues likewise increased five percent to P7.8 billion although operating expenses went up six percent to P3.34 billion this year from P3.15 billion last year.
SM Prime expects consumer spending for the Christmas holidays to boost growth in the last quarter as holiday spending picked up with the increased inflow of overseas Filipino workers’ remittances.
The company is bidding for a 27,351-square meter property in Cebu as it beefs up its landbank to ensure its continued expansion and growth. It correctly has a land bank of 1.75 million square meters in 12 locations.
SM Prime is a member of the SM Group, a conglomerate with interests in the property development, retail sale, wholesale and merchandising, banking and financial services, leisure and tourism and real estate sectors.
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