SM North Edsa to get a facelift

SM North Edsa to get a facelift

By Zinnia B. Dela Peña

The Philippine Star 05/20/2006

 

As if the Mall of Asia isn’t enough, the SM Group of retail tycoon Henry Sy Sr. plans to give its mall in North Edsa a facelift as it braces for stiff competition from the soon-to-rise Trinoma commercial center of property giant Ayala Land Inc.

 

Hans Sy said the redevelopment plan for SM City-North Edsa involves the demolition of existing structures to make way for a bigger and better shopping mall to meet a growing market.

 

"About two buildings will be demolished. That’s all we can say for now as we are still finalizing the redevelopment plan for SM City North," Sy said.

 

Sy said the expanded and improved mall will combine the strengths of a traditional shopping center with new concepts and specialized lifestyle zones. The renovation of SM City North Edsa is expected to be completed by 2008.

 

Sy said the mall still has about five hectares for future development.

 

Currently under construction is Annex 3, which will have a hypermarket, stand-alone retailers and cinemas. It will rise on the space between the department store and the SM Superstore. The new building, formerly a parking lot, will have an area of at least 50,000 square meters.

 

The Ayala’s Trinoma commercial center is being built on a 200,000 square meter lot along the main metropolitan artery of EDSA and within the north depot of the MRT-3. It is slated for completion in the second quarter of next year.

 

SM City North Edsa – the first SM Supermall-opened in 1985 and started the Philippine "malling" phenomenon.

 

The SM supermalls are a part of every Filipinos life — the pioneer of the one-stop shop concept in the country, with each Supermall having a well-balanced mix of shopping (both local and international brands), restaurants and fastfood dining, amusement (bowling lanes, ice skating, theme rides and games), leisure (as many as 12 cinemas under one roof), and convention and trade exhibition centers.

 

Sy said the SM Group through SM Prime Holdings Inc., is seriously considering expanding investments in China’s booming market.

 

The SM Group, through an unlisted investment vehicle, currently operates two malls in China. The first, in Crossroad West in Xiamen, opened in 2003, and the second or its newest is located in Jin Jiang City.

 

"We’re looking at China right now. We should be able to finalize things soon. We’re planning to expand our presence there using SM Prime as our investment vehicle. SM Prime is seriously considering investing in China," Sy said.

 

SM Prime is the country’s largest shopping mall operator that boasts a healthy balance sheet, steady dividend payout and a stable revenue stream.

 

Yesterday, SM Prime opened Mall of Asia, its biggest and most ambitious project to date. Envisioned in the Mall of Asia is a premier shopping destination and tourist attraction located by scenic Manila Bay, revitalizing the Roxas Boulevard Bay Area, once a popular tourist and leisure destination.

 

SM Prime will likely borrow P4 billion from the local debt market for the continued development of new malls and land acquisition.

 

After Mall of Asia, SM Prime will launch SM City Supercenter Fontera Verde in Pasig City, SM City Lipa and SM Supermall in Bacolod. In the pipeline is an allocated 118.7 hectares for development in 14 locations: Marikina, Parañaque, Muntinlupa, Bulacan, Tarlac, Laguna and Pangasinan.

 

http://www.philstar.com/philstar/NEWS200605220702.htm