{"id":18492,"date":"2024-04-29T03:02:58","date_gmt":"2024-04-29T03:02:58","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/sm-prime-targets-two-china-mall-openings-by-2025\/"},"modified":"2024-04-29T03:02:58","modified_gmt":"2024-04-29T03:02:58","slug":"sm-prime-targets-two-china-mall-openings-by-2025","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/sm-prime-targets-two-china-mall-openings-by-2025\/","title":{"rendered":"SM Prime targets two China mall openings by 2025"},"content":{"rendered":"
\n

LISTED property developer SM Prime Holdings, Inc. continues its mall expansion in China with two planned openings by 2025, the president of its malls unit said.<\/span><\/p>\n

The scheduled openings next year will be in Fujian Province, comprising phase 4 of SM Xiamen and a mall project in Haicheng town, said Steven T. Tan, president of SM Prime\u2019s mall unit SM Supermalls.<\/p>\n

He also said that another mall project is slated for opening by 2026.<\/span><\/p>\n

\u201cWe still see a lot of potential for our China malls,\u201d Mr.\u00a0Tan said during a briefing last week.<\/span><\/p>\n

SM started construction of SM Xiamen Phase 4 in February 2021, with a total investment of 1.148 billion yuan, according to the company\u2019s website. The project is planned to have five 15 to 19-storey towers connected by a five-storey podium.<\/span><\/p>\n

SM Xiamen Phase 4 has a total construction area of over 260,000 square meters (sq.m.), including an office area of nearly 120,000 sq.m., a commercial area of over 30,000 sq.m., and 1,643 parking spaces.<\/span><\/p>\n

Mr. Tan said the company is bullish on Fujian\u2019s prospects despite China\u2019s economic slowdown.<\/span><\/p>\n

\u201cWe still believe in the China market. China is so big and Fujian is not really that greatly affected and most of our anchor projects are in Fujian,\u201d he said.<\/p>\n

\u00a0\u201cWe still believe in the prospect of China and, therefore, we will still continue to expand our footprint in China,\u201d he added.<\/p>\n

\u00a0Meanwhile, SM Prime President Jeffrey C. Lim said that the company is not focused on land banking efforts in China as it is only developing existing properties.<\/span><\/p>\n

\u00a0\u201cOur developments will basically focus on the Fujian province area. These are existing properties. We have existing malls. We just have to improve the efficiency and productivity of these malls,\u201d he said.<\/span><\/p>\n

\u00a0\u201cWe have to develop them because Fujian province is a market where we are doing very well in China,\u201d he added.<\/p>\n

Based on its website, SM\u2019s malls in China include SM Xiamen (Phases 1, 2, and 3), SM City Chengdu, SM City Chongqing, SM City Tianjin, SM City Suzhou, SM City Yangzhou, SM City Zibo, and SM City Jinjiang.<\/p>\n

Back home, SM Prime is eyeing to open four malls this year that will add over 440,000 sq.m. of gross floor area to the company\u2019s mall portfolio. The new openings are in Caloocan, San Fernando (La Union), Laoag, and Cebu.<\/p>\n

SM Prime earmarked P100 billion for its capital expenditure budget this year.<\/p>\n

Shares of SM Prime were last traded on April 26 at P28.35 per share. \u2014 Revin Mikhael D. Ochave<\/b><\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

LISTED property developer SM Prime Holdings, Inc. continues its mall expansion in China with two planned openings by 2025, the president of its malls unit said. The scheduled openings next year will be in Fujian Province, comprising phase 4 of SM Xiamen and a mall project in Haicheng town, said Steven T. Tan, president of [\u2026]<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[6509,14644,186,279,17579,8628,13945,2454],"class_list":["post-18492","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-6509","tag-bworldonline","tag-china","tag-mall","tag-openings","tag-prime","tag-targets","tag-two"],"yoast_head":"\nSM Prime targets two China mall openings by 2025 - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/sm-prime-targets-two-china-mall-openings-by-2025\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SM Prime targets two China mall openings by 2025 - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"LISTED property developer SM Prime Holdings, Inc. continues its mall expansion in China with two planned openings by 2025, the president of its malls unit said. 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