SY-LED property developer SM Prime Holdings, Inc. said it targets to complete the P2.3-billion redevelopment of SM City Iloilo by the first quarter of 2026.
The redevelopment will add 7,900 square meters (sq.m.) of gross leasable area (GLA) to the mall, which will house expanded retail and dining options, the company said in a statement on Tuesday.
The expansion will feature upgraded mall interiors, new zones for athleisure and entertainment, and concepts such as Game Park, Fantasy World, Decathlon, TGI Friday’s, and Chili’s.
Infrastructure enhancements include motion sensor escalators, an expanded skylight, a multi-level car park, and improved access to the SM Strata office building.
Around 23,670 sq.m. of GLA will be allocated to a new National University campus beside the mall, which is expected to boost foot traffic.
The upgraded mall will also include eco-friendly features such as rooftop solar panels and advanced daylighting systems, the company said, in line with its sustainability initiatives.
“SM Iloilo has always been a regional growth driver for SM Prime, and we believe that it has the potential to grow even more,” SM Prime President Jeffrey C. Lim told reporters last week.
“That’s why we are investing to support that progress… we think that it (SM City Iloilo) can become a more integrated and future-ready destination for the province of Iloilo,” he added.
SM City Iloilo, which first opened in 1999, was the eighth SM Supermall built by the company. It underwent expansions between 2009 and 2016 and has since become the second-largest shopping mall in the Western Visayas region.
SM Prime has earmarked P150 billion for 16 mall redevelopments and 12 new lifestyle malls. Other malls in its redevelopment pipeline include SM Megamall, SM North EDSA, SM City Seaside Cebu, SM Lanang in Davao City, and SM City Clark in Pampanga.
The company reported an 8% increase in third-quarter net income to P12.8 billion, with its malls posting 7% growth to P61 billion, accounting for 59% of consolidated revenues.
On Tuesday, SM Prime shares rose 4.65% or 95 centavos, closing at P21.40 apiece. — Beatriz Marie D. Cruz
