August 13, 2025 | 12:00am
MANILA, Philippines — SM Prime Holdings Inc., the built-in property growth arm of the Sy household’s SM Group, is investing P7 billion for the redevelopment of one of many Philippines’ most iconic malls.
SM Prime is enterprise a redevelopment of SM Megamall, with phased completion eyed between 2027 and 2029.
With the redevelopment, the corporate is positioning SM Megamall for the following decade of development by elevating the shopper expertise and embedding long-term sustainability measures throughout the property.
“It’s a little bit painful to shut a sure portion of Megamall due to the income that it generates, however we really feel that it is a extra sustainable growth for the enterprise typically,” SM Supermalls president Steven Tan stated.
Tan stated that SM Megamall, which has been serving hundreds of thousands yearly and anchoring the Mandaluyong central enterprise district, at present has the best per sq. meter gross sales throughout the group’s buying facilities.
He stated that there’s additionally an enormous ready record for areas in SM Megamall, one of many highest amongst SM’s portfolio of 88 malls nationwide.
The SM Megamall redevelopment will add 20,000 sq. meters of gross leasable space and introduce nature-inspired structure, improved mobility options and energy-efficient programs.
SM Prime stated the addition of themed retail zones and intuitive wayfinding is designed to make the mall extra accessible, whereas encouraging guests to discover and uncover new experiences all through the expansive advanced.
Operational upgrades embody a brand new four-level basement parking facility with over 1,600 slots, expanded walkways and ceilings in addition to improved circulation by wider corridors and modernized vertical transport.