MANILA, Philippines—Tycoon Henry Sy is expanding his footprint in mainland China with the opening on Friday of SM Prime Holdings’ fourth shopping mall in Asia’s largest economy.
The newest SM mall, the SM City Suzhou in Jiangsu Province, also the SM founder’s land of birth, is located in the metropolis’ Wuzhong district and has a gross floor area of 72,552 square meters, 89 percent of which has already been awarded to various tenants, according to SM Prime disclosure to the Philippine Stock Exchange.
“The mall’s launching affirms SM Prime’s keen objective to continue growing and expanding in areas of opportunity, even in those beyond the boundaries of the Philippines,” said SM Prime president Hans Sy on Thursday. “It also confirms that the Filipinos have the needed knowledge, skills, and talents to compete in a global arena. Thus, the company intends to open several more new malls in China in the coming years.”
The group’s three other existing malls are located in Xiamen, Jinjiang and Chengdu. The first two cities are in China’s Fujian Province while Chengdu is in the Province of Sichuan. Jinjiang is the Sy patriarch’s hometown.
The city of Suzhou in China has a population of approximately 6.3 million and has several export processing zones and industrial parks. Its many industries include electronics, IT (information technology) and biotechnology. The city is also known for its rich cultural attractions such as temples, gardens and ancient water towns.
The major tenants contracted to lease space at SM’s new shopping mall are Vanguard Hypermarket, SM Department Store, KFC, Jack & Jones and Wanda Cinema.
SM City Suzhou is the second SM mall to be opened by SM Prime this year, after SM City Masinag in Antipolo, Rizal. It brings to 45 the total number of SM malls in the Philippines and in China for a total gross floor area of 5.7 million sqm.
For the rest of 2011, SM Prime is scheduled to open SM City San Fernando in Pampanga, SM City Olongapo in Zambales and SM Marketmall in Dasmariñas. The company is also set to expand this year SM City Davao in Southern Mindanao and SM City Dasmariñas in Cavite.
Four of the 12 biggest shopping malls in the world are in the Philippines, according to global property consultant Jones Lang LaSalle. These are SM City North EDSA, SM Mall of Asia, SM Megamall and SM City Cebu.
SM Prime has now started construction of its largest mall in Tianjin, China.