SM Prime opens new mall in Isabela

MANILA, Philippines - SM Prime Holdings Inc. is establishing a presence in northeastern Luzon for the first time through a new shopping mall.

In a disclosure, SM Prime said it opened SM City Cauayan in Isabela province yesterday, its first mall in the Cagayan Valley region. It is also SM Prime’s 49th shopping center in the country.

 â€œWe are excited about the opening of SM City Cauayan  which is situated at the industrial and commercial hub of the Cagayan Valley region,” SM Prime president Hans T. Sy said.

“We look forward to serving thousands of our countrymen as we continue to expand in various regions of the country which offer so many opportunities for growth,” Sy added.

SM Prime said its entry into Cauayan reflects its optimism in the growth potential of provincial areas on the back of a robust Philippine economy.

Cauayan City is known as the central business district of the Cagayan Valley region, home to more than 2,000 registered business establishments. It is also a regional crossroad given its proximity to 11 Isabela municipalities, making it accessible to roughly half a million people.

“With a gross floor area of about 66,299 square meters, SM City Cauayan is SM’s first open strip mall,” SM Prime said.

The mall, designed by EDGE Interior Designers and Arquitectonica, features a vibrant landscape that incorporates nature into the design.

Ceiling fans are strategically located to ventilate the arcaded walkways and storefront hallways, a more cost-effective approach compared with the typical use of air conditioner units, the company said.

SM City Cauayan would be home to flagship brands SM Store, SM Supermarket, Watsons, Ace Hardware, SM Appliances and SM Cinema, being the first movie theater in the region.

Fashion brands include Guess, Payless, Giordano and For Me while restaurants include Gerry’s Grill, McDonalds and Max’s, and homegrown brands Chocolate Cofeeline, Yah Coffee and Café Isabela.

“The mall is positioned to be a destination mall, which will further bring more famous brands from Metro Manila within the year,” SM Prime said.

Moving forward, SM Prime said it plans to expand in various regions outside Metro Manila where it is seen as a catalyst for development.

Consolidated net income of the SM  umbrella property firm climbed 11 percent to P4.58 billion in the first quarter from P4.11 billion a year ago as the strength of the rental business offset the poor performance of the residential segment. Consolidated revenues improved three percent to P15.35 billion from P14.95 billion year-on-year.

SM Prime is doubling its income and revenues in the next five years as it grows its office, mall, leisure, hotel and residential portfolio by two-fold in the same period.

The integrated property firm allotted P400 billion in the medium term to support its expansion in the Philippines, in China and in Southeast Asia.