MANILA, Philippines - Integrated property firm SM Prime Holdings Inc. has expanded its retail portfolio to complement residential projects in the metropolis.
The mall operator and condominium developer said it started the commercial operations of its newest retail podium, Sun Mall, located at the Sun Residences tower in Quezon City.
“This is the third retail podium attached to an SM Development Corp. (SMDC) residential tower after Jazz Mall in Bel-Air, Makati and Mezza Strip in Quezon City,†SM Prime said.
Sun Mall spans a gross floor area of 15,000 square meters. It offers a variety of commercial and retail stores that can accommodate the basic household needs of its residents.
“The retail podium is designed to provide every patron with a worthwhile lifestyle experience,†SM Prime said.
“Through these retail podiums within our residential towers, we aim to provide our residents with access to everything that they will need,†said SM Prime executive vice-president and SMDC president Jeffrey Lim.
The opening of Sun Mall reflects the synergies at work in SM Prime, Lim said.
Anchor tenants include SM Hypermarket, Watsons and Banco De Oro, as well as food stores. Sun Mall also has specialty shops, giving residents a variety of options to choose from to satisfy their needs and provide convenience.
Food concepts in Sun Mall include The Happy Bakery, the first inline store of Happy Dizon of the Dizon family behind Dizon Farms; fastfood restaurant Chef Lau’s Pugon Roasters of chef Rolando Laudico; and Taiwanese milk tea brand Gong Cha.
Launched in 2009, Sun Residences is a two-tower, 43-story development that offers studio, one-bedroom and two-bedroom units priced between P1.8 million and P4.6 million.
Its amenities include a hotel-like lobby, a swimming pool, a clubhouse with multi-purpose hall, function rooms, a student’s lounge, children’s play area, barbeque area, and a landscaped garden with gazebos and a jogging path.
Located along España Blvd. corner Mayon St. in the Welcome Rotonda area, Sun Residences is positioned as a home for students along the university belt and for professionals working in and around the area.
Sun Residences is among 22 condominium brands by SMDC, the residential arm of SM Prime.
SMDC is launching seven new projects totaling 15,000 residential units this year, up from 12,000 units in 2013, while expanding its portfolio to economic and upscale housing.
SM Prime allotted P70.57 billion for its capital expenditures this year, of which 55 percent is for the shopping malls, 28 percent for the residential segment, and the balance for offices, hotels and convention centers.