RETREAT SM Prime Holdings, citing the government’s stringent public float requirement, has backed off from plans to raise $500 million from real estate trust funds.
MANILA, Philippines—The country’s leading shopping mall developer SM Prime Holdings Inc. is set to open on Friday, Aug. 10, a new shopping mall in General Santos City, known as the “Tuna Capital of the Philippines,” thus marking its 45th mall in the Philippines.
SM City General Santos, with a gross floor area (GFA) of 95,764 square meters (sqms), is located along San Miguel St., cor. Santiago Blvd., Lagao District.
“We warmly welcome our valued customers to SM City General Santos, our first mall in the province of South Cotabato. With its thriving economy, General Santos provides an ideal venue for SM Malls as we see a huge potential for growth in the city,” SM Prime president Hans Sy said.
Upon opening, SM City General Santos is 80-percent occupied by various tenants. The three-level shopping mall’s anchor tenants are SM Department Store and SM Supermarket.
Other mall tenants include Watsons, Ace Hardware, Toy Kingdom, Breadtalk, Congo Grille, Classic Savory, Max’s, Tong Yang, Bench, and Gymboree among others.
The amenities include a food court; four cinemas, with a combined seating capacity of 1,400; and parking slots for 1,500 vehicles.
General Santos or more popularly known as GenSan, is a highly urbanized first class city and is one of the most populous urban centers in the country. It is the largest producer of sashimi-grade tuna in the Philippines. It is also the hometown of Boxing Champion Manny Pacquiao. General Santos City is the center of commerce, trade, and logistics of Region XII, also known as Soccsksargen, an acronym that stands for South Cotabato, Cotabato, Sultan Kudarat, Sarangani and General Santos City.
SM City General Santos brings the total number of SM Prime malls to 45 all over the country, with a combined GFA of 5.4 million sqms. It is the fourth SM mall to be opened this year, after SM City Olongapo in Zambales, SM City Consolacion in Cebu, and SM City San Fernando in Pampanga.
For the rest of 2012, SM Prime plans to open SM City Lanang in Davao City, and SM Chongqing in China.
By the end of this year, SM Prime will have 46 malls in the Philippines and five in China with an estimated combined GFA of 6.3 million sqms.