SM opens 57th mall in San Jose del Monte

MANILA, Philippines - SM Prime Holdings Inc. is opening today its 57th mall in the Philippines as it further cements its position as the country’s largest operator of shopping centers.

SM City San Jose del Monte is the first of five malls eyed to be opened this year by the integrated property company of the Sy family.

By the end of 2016, SM Prime is targeting to have 61 malls in the Philippines and six in China with an estimated combined gross floor area (GFA) of 8.6 million square meters.

“We continue to expand in the provincial areas as we remain optimistic about their huge potential for growth. The opening of SM City San Jose Del Monte in Bulacan is a testament to this strategic direction as we remain steadfast in developing premier destinations around the country,” SM Prime president Hans Sy said.

SM City San Jose del Monte is SM Prime’s third mall in the province of Bulacan after SM City Baliwag and SM City Marilao.

It will add 101,000 square meters in GFA which will bring SM Prime’s total retail space to 7.4 million square meters, the largest footprint in the country.

SM Prime said San Jose del Monte is an important location for the firm’s mall network as it contributes to one of the fastest growing residential and commercial hubs in the northern gateway of Metro Manila, covering 59 barangays and a population of almost 500,000 based on the 2010 census.

It is a second-tier city with predominantly middle-income households of which 62 percent have family members that are Overseas Filipino Workers, SM Prime said.

The new SM mall will open with 70 percent of space lease-awarded occupying its three floors with retail stores, dining outlets, recreation and entertainment facilities, and service centers.

“SM Prime remains committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities, thereby enriching the quality of life of millions of people,” the company said.