SM PRIME Holdings, Inc. is opening its second mall in Pangasinan today, taking advantage of the strong domestic market and the growing tourism sector in Northern Luzon.
In a disclosure to the stock exchange on Thursday, the property holding firm of the country’s richest man Henry Sy, Sr. said SM City Urdaneta Central will have a gross floor area of 42,000 square meters and will be the real estate developer’s 69th mall in the country.
About 84% of the two-level mall has been leased out, bringing in new shopping, dining and entertainment experiences to the hundred-thousand population of the city and the millions of tourists passing through the province. The shopping center has 706 parking slots located at the basement and open grounds.
SM City Urdaneta Central features the SM Group’s stable of retail brands, including The SM Store, SM Supermarket, Watsons, Ace Hardware, SM Appliance Center, Our Home, Surplus, Miniso, Sports Central, and SM Cyberzone.
Aside from being the third largest province in the Philippines, Pangasinan is prime for commercial developments as it benefits from the influx of tourists heading to north Luzon through the Tarlac-Pangasinan-La Union Expressway for easy access.
“We are excited to be a part of Pangasinan’s growing economy,” SM Prime President Jeffrey C. Lim was quoted in the statement as saying.
“As Pangasinan is at the heartland of the Philippines and the gateway to Northern Luzon, SM is a committed partner in further building on this strategic and dynamic province through SM City Urdaneta Central. This new mall complements the existing offerings of SM City Rosales, which is our first mall in Pangasinan,” he added.
SM Prime is set to open five malls in key cities in the provinces this year. The company has already opened SM Center Imus in Cavite on Feb.16, and is scheduled to open SM City Telabastagan in Pampanga, SM City Legazpi in Albay and SM Center Ormoc in Leyte.
Shares in SM Prime fell 90 centavos or 2.67% to close at P32.80 each on Thursday. — Krista Angela M. Montealegre