SM Prime set to open 3rd mall in Pangasinan

SM PRIME Holdings, Inc. will be opening SM Center Dagupan this Friday, marking the company’s third mall in the province of Pangasinan.

In a statement issued Wednesday, the listed property developer said SM Center Dagupan, located along M.H. Del Pilar Street, will have 23,000 square meters (sq.m.) of gross floor area (GFA).

About 90% of the mall’s leasable space has been awarded to tenants who will offer a mix of shopping, dining, and entertainment options. It will house several brands from the SM group’s retail arm such as SM Hypermarket, SM Appliance Center, Ace Hardware, Watsons, Surplus, Miniso, and Simply Shoes, among others.

“Dagupan City is considered as Pangasinan’s industrial hub and the most highly urbanized city. The addition of SM Center Dagupan in this progressive and vibrant city will attract more local and international tourists, further boosting the growth of the local economy,” SM Prime President Jeffrey C. Lim said in a statement.

The mall will also have over 400 carpark slots and bus terminal slots to accommodate guests. It will stand close to education, health, and government institutions in the city.

SM Center Dagupan will bring SM Prime’s total presence in Pangasinan to 145,000 sq.m in terms of GFA, given the operations of SM City Rosales and SM City Urdaneta Center. Overall, it is the company’s 74th mall in the country, adding to its current GFA of about 8.4 million sq.m.

SM Prime has two more mall openings lined up before the year ends, namely SM City Butuan and SM Mindpro Zamboanga, which will have a GFA of 48,000 sq.m and 36,000 sq.m., respectively.

The company is also expanding SM City Baguio with an additional GFA of 32,000 sq.m., as well as SM City Fairview in Quezon City with an added 116,000 sq.m.

SM Prime has committed to spend 39% of its P80-billion capital expenditure this year for its mall expansion, which is mostly targeted toward the provinces.

Another seven malls will be opened in 2020, namely SM City Roxas, SM Calamba Turbina, SM Tanza, SM San Fernando in La Union, SM Laoag, SM Zamboanga, and SM Malolos.

Aside from its mall business, SM Prime also has residential, commercial, and hotel and convention center segments. The company is the largest property developer in Southeast Asia in terms of market capitalization, which stood at P1.07 trillion at the end of Wednesday’s trading.

SM Prime’s net income attributable grew 16.1% to P19.3 billion in the first half of 2019, following a 14.6% surge in consolidated revenues to P57.05 billion.

Shares in SM Prime dropped 1.75% or 65 centavos to close at P36.45 each at the stock exchange on Wednesday. — Arra B. Francia