SM opens Davao mall, its 46th in Phl

MANILA, Philippines - SM Prime Holdings Inc. opens today SM Lanang Premier in Davao, its 46th mall in the country, making available 144,000 square meters of gross floor area.

Located at JP Laurel Ave. in Brgy. Lanang, SM Lanang is the group’s second mall in Davao after setting up its first store — just nine kilometers away — in November 2001.

SM Prime president Hans T. Sy said SM Lanang, already 88 percent completed, is SM Prime’s “biggest and first premier mall development project in Mindanao that is designed to cater to the growing demands of the Davao market and its vibrant tourism industry.”

Lanang is a highly urbanized commercial center in the province of Davao. It is home to one of the cultural heritage sites in the city, the Davao Museum.

SM Lanang brings SM Prime’s total combined GFA to 5.5 million sqm. It is the fifth SM mall to be opened this year, after SM City Olongapo in Zambales, SM City Consolacion in Cebu, SM City San Fernando in Pampanga and SM City Gen. Santos in South Cotabato.

For the rest of 2012, SM Prime is slated to open SM Chongqing in China.

SM Prime posted first semester net earnings of P4.92 billion, up 15 percent from P4.27 billion in the same period in 2011. Revenues expanded 15 percent to P14.57 billion while EBITDA (earnings before interest, taxes, depreciation and amortization) increased 12 percent to P9.71 billion

 SM Prime’s four malls in China are located in the cities of Xiamen, Jinjiang, Chengdu and Suzhou with a total GFA of 0.6 million sqm. They contributed P320 million or seven percent of the company’s aggregate earnings.