SM Prime to open Nuvali flagship mall by yearend
SM PRIME Holdings, Inc. said it will open SM Nuvali, a flagship mall in Sta. Rosa, Laguna, by the fourth quarter.
SM Nuvali will be SM Prime’s fifth and largest mall in Laguna and its 91st mall overall, the company said in a statement on Thursday.
“SM Nuvali marks the first of five flagship malls we plan to open annually from 2026 to 2030,” SM Prime President Jeffrey C. Lim said.
“This reflects our confidence in high-growth regional markets and our commitment to building integrated destinations that support long-term value creation,” he added.
SM Prime said the development is part of its strategy to invest in regional markets, citing demand driven by rising incomes, improved connectivity, and expanding urban centers.
The mall will offer more than 82,000 square meters of gross leasable area and will incorporate sustainability features such as solar panels, water recycling systems, and energy-efficient lighting.
SM Nuvali will also include 24 electric vehicle charging stations, a recycling program, and an e-waste collection facility, the company said.
The project will include open-air promenades, green zones, and lifestyle spaces in line with the Nuvali estate’s eco-community plan.
“We believe SM Nuvali can bring meaningful value to the Nuvali estate,” Mr. Lim said. “Its experiential attractions and tenant mix will help generate economic activity, create jobs and attract more investment into the region.”
The mall will feature a one-hectare indoor garden, playgrounds, a paw park, and nature-inspired areas, along with restaurants and global brands. It will be connected by a bridgeway to the Park Inn by Radisson and SMX Trade Hall, which are being developed by SM Hotels and Conventions Corp.
SM Prime said development of the NV Towers office project is also underway within the estate.
The expansion comes as the company reported a first-quarter net income of P11.66 billion, slightly higher than P11.65 billion a year earlier, supported by a 2% increase in consolidated revenues to P33.3 billion.
Malls remained the largest contributor, accounting for 61% of total revenues at P20.4 billion, up 8% from a year earlier, while rental income rose 8% to P21.6 billion on improved occupancy.
The residential segment generated P8.3 billion, down 14% year on year, while real estate sales fell 16% to P7.8 billion, reflecting slower revenue recognition and cancellations.
Hotel and convention center revenues rose 8% to P2.2 billion, while office revenues increased 10% to P2.5 billion, both on improved occupancy and bookings.
SM Prime said it is tightening capital spending and coordinating with tenants and partners as it responds to economic pressures, including higher inflation and interest rates linked to the ongoing Middle East conflict.
As of March, the company reported total assets of P1.1 trillion. Capital expenditures for the quarter reached P15.5 billion, down 9% from a year earlier.
On Thursday, shares of SM Prime fell 1.96% or P0.38 to close at P19. — J.C.A. Gonzales
