SY-LED property developer SM Prime Holdings, Inc. said it targets to finish the P2.3-billion redevelopment of SM City Iloilo by the primary quarter of 2026.
The redevelopment will add 7,900 square meters (sq.m.) of gross leasable area (GLA) to the mall, which is able to house expanded retail and dining options, the corporate said in an announcement on Tuesday.
The expansion will feature upgraded mall interiors, latest zones for athleisure and entertainment, and ideas reminiscent of Game Park, Fantasy World, Decathlon, TGI Friday’s, and Chili’s.
Infrastructure enhancements include motion sensor escalators, an expanded skylight, a multi-level automobile park, and improved access to the SM Strata office constructing.
Around 23,670 sq.m. of GLA will likely be allocated to a brand new National University campus beside the mall, which is anticipated to spice up foot traffic.
The upgraded mall can even include eco-friendly features reminiscent of rooftop solar panels and advanced daylighting systems, the corporate said, according to its sustainability initiatives.
“SM Iloilo has all the time been a regional growth driver for SM Prime, and we consider that it has the potential to grow much more,” SM Prime President Jeffrey C. Lim told reporters last week.
“That’s why we’re investing to support that progress… we expect that it (SM City Iloilo) can turn into a more integrated and future-ready destination for the province of Iloilo,” he added.
SM City Iloilo, which first opened in 1999, was the eighth SM Supermall built by the corporate. It underwent expansions between 2009 and 2016 and has since turn into the second-largest shopping center within the Western Visayas region.
SM Prime has earmarked P150 billion for 16 mall redevelopments and 12 latest lifestyle malls. Other malls in its redevelopment pipeline include SM Megamall, SM North EDSA, SM City Seaside Cebu, SM Lanang in Davao City, and SM City Clark in Pampanga.
The corporate reported an 8% increase in third-quarter net income to P12.8 billion, with its malls posting 7% growth to P61 billion, accounting for 59% of consolidated revenues.
On Tuesday, SM Prime shares rose 4.65% or 95 centavos, closing at P21.40 apiece. — Beatriz Marie D. Cruz