SM Prime Holdings Inc. Plans to Establish New Shopping Malls

SM Prime Holdings Inc., which is known as the country’s biggest property developer group has now fully prepared itself to roll out for the establishment of 12 new shopping plazas during the beginning of second half of this year and will continue until 2016. Mall owners have filed documents with the help of Securities as well as Exchange Commission, which displayed the schedule of SM Prime towards the opening of SM Angono during the second of the year 2014, while four more new malls during the year 2015. These names will include SM Butuan, SM City Seaside Cebu, SM Cagayan de Oro 2 and even the well-known SM San Mateo. Other than this, owners of the exclusive marketplaces and retail properties have scheduled the construction and establishment of seven more retail centers possessing the combined or gross floor area equal to 447,000 square meters by two years later i.e. until 2016. 

All these shopping malls are located in different cities named as Cavite, Puerto Princesa City, Dagupan City, Tacloban City, Caloocan City, Cabanatuan City and Quezon City. SM Prime has now looking for the renovation of its already existing malls located in Sta. Rosa and The Bloc, while expansion of other two plazas named as SM Lipa and SM Bacolod. Property owners will receive funds for new plazas with the help of proposed P-25 billions of maiden bonds insurance of the whole SM Prime scheduled during the third quarter of the year 2014. SM Prime tapped BDO Capital & Investment Corp., BPI Capital Corp., China Bank and First Metro Investment Corp. as the joint lead underwriters for the offering. Manila Standard Today