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SM opens 1st mall in eastern Visayas

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SM CITY ORMOC

SM PRIME Holdings, Inc. is expanding in Eastern Visayas region with the opening of a new mall in Ormoc, Leyte.

In a disclosure, the listed property developer said SM Center Ormoc covers 20,000 square meters, with 85% of the space already leased out. Among its stores include SM Supermarket, SM Appliance Center, Watsons, Ace Hardware, Simply Shoes, Surplus, Miniso, as well as Banco De Oro.

The mall also has an al fresco dining area on its second level, and four SM Cinemas, including a Director’s Club Cinema.

“It is SM Prime’s pride and joy to finally open our first mall in the Eastern Visayas Region. SM Center Ormoc will be a great addition to the growing local economy of Ormoc City and the continuously developing province of Leyte. We look forward to more growth opportunities for the people of this region along with SM’s brand of lifestyle and entertainment,” SM Prime President Jeffrey C. Lim said.

SM Center Ormoc brings to 79 the number of SM malls, which include seven in China.

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In the first nine months of 2018, SM Prime has opened four new malls, namely SM Center Imus in Cavite, SM City Urdaneta Central in Pangasinan, SM City Telabastagan in Pampanga and SM City Legazpi in Albay.

SM Prime’s 9-month net income climbed 17% to P23.44 billion, after a 16% surge in revenues to P34.91 billion. Its shopping mall business contributed 58% to its revenues during the period.

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