MANILA, Philippines—Taipan Henry Sy is betting big on China’s booming economy as his group plans to build its biggest mall to date, scheduled to be opened by 2013.
In a statement, the SM Prime Holdings Inc. said the building of a mall in China would be part of its expansion plan for the next two years. The expansion plan, according to the company, includes the construction of another mall in Cebu City, to be the biggest in the country outside of Metro Manila.
“In the last 25 years, SM Prime redefined and enhanced its vision, mission and core values, enabling it to create strategies that foster sustainable growth and expansion,” said Hans Sy, president of SM Prime.
“A bigger and bolder SM Prime has since emerged, ready to take on the vast opportunities that will come from a robust and still growing Asian economy. Examples of this new momentum we are experiencing are the projects we are undertaking in Cebu City and in Tianjin, China,” he said.
The group’s mall in Tianjin, one of several metropolitan areas in China, will be around 24 percent bigger than SM North Edsa, currently the biggest mall in the Philippines and third in the world.
“It will be a grand showcase of how SM Prime has transformed into a first-rate mall owner and developer not just in the Philippines but also in select cities of China,” the company said.
The new mall will be its fourth mall in China and will be 30 minutes away by train or an hour and a half away by car from Beijing.
In Cebu, the company said it would build a P4.5-billion mall on reclaimed land known as South Road Properties. It will be the fourth-biggest among the company’s Philippine malls, next to its SM City North Edsa, the Mall of Asia, and SM City Megamall.
The group has likewise lined up the expansion of The Podium mall in the Ortigas Business District. This will be done by SM Prime affiliate Banco de Oro Unibank Inc. and SM Keppel Land Inc.
“The development plans contemplate the integrated development of the Podium Mall into a comprehensive commercial complex, which will include the construction for and by BDO of an office tower to house some of BDO’s business units,” the company said.