MEGAWORLD Corp. continues to ramp up its commercial portfolio with the opening of the P2-billion Southwoods Mall next month.
Megaworld on Thursday said Southwoods Mall, located inside its integrated township Southwoods City in Biñan, Laguna and Carmona, Cavite, will open its doors in October.
The property giant’s 14th mall offers 58,000 square meters (sq.m.) of retail, dining and entertainment facilities.
“As a trademark, we also want to infuse a bit of nightlife in the mall, that’s why we have a 24-hour food court. Our cinemas maybe, we’ll experiment to having late-night screenings. The third floor will have an activity center for bands, live music and a lot of restaurants and bars as well.” Kevin L. Tan, senior vice-president and head of Megaworld Lifestyle Malls, said in a briefing at the Southwoods Mall on Thursday.
The mall will also have four cinemas, including two that will feature Dolby Atmos Surround Sound technology, as well as one outdoor and two indoor activity centers.
Mr. Tan said 40% of the tenants at the Southwoods Mall are in the food and drink (F&B) business. “In the end of the day, we are still big in F&B culture. We go out with people, we go out and eat,” he said.
Aside from the mall, Southwoods City will soon have mid-rise condominiums, two business process outsourcing (BPO) office buildings, a hospital and its own transportation hub.
“That’s why our townships have very strong value proposition […] A typical lifestyle of one who resides in our township is to basically live there, you find a job already also in the township and you do all your grocery shopping, all your services, you can meet up with your friends all within the township,” Mr. Tan said.
The township scheme also addresses the traffic woes faced by most Filipinos living in urban areas. “This is basically an integrated community. You don’t even need a car anymore because you can just walk from point A to point B,” he said.
Addressing the rise of online retail, Mr. Tan said that there won’t be much of a threat when it comes to shopping malls in the Philippines.
However, he predicted that they may have to adapt to some online retail practices such as payment schemes.
Mr. Tan said Megaworld is planning to open two more malls in the next five months, one in Iloilo and another in Alabang. This is in line with the company’s target to have 27 malls around the country by 2020.
The property company owned by billionaire Andrew L. Tan reported an 11% rise in attributable net income to P6.44 billion for the first six months of 2017. Megaworld attributed the positive performance to robust rental income from office, mall, and commercial space leasing.
Shares in Megaworld added 4 centavos or 0.82% to close at P4.94 apiece on Thursday. — Anna Gabriela A. Mogato