SM Prime Holdings, Inc.

...mall na naman Tongue

SM Prime opens shopping mall in Legazpi City

IN A statement issued Tuesday, the Sy-led mall operator and property developer said SM City Legazpi will open its doors on Sept. 14. Located along Imeda Roces Avenue in Albay, the mall will have a total gross floor area of almost 88,000 square meters (sq.m.) and will be the company’s second mall in Bicol following SM City Naga in Camarines Sur.

“SM Prime joins the City of Legazpi in bringing fun and adventure to the picturesque province of Albay with the opening of SM City Legazpi… Together with SM City Naga in Camarines Sur, this new lifestyle destination in Bicolandia will elevate the malling experience of both the locals and tourists with offerings from top local and global brands,” SM Prime President Jeffrey C. Lim said in a statement.

The three-storey mall will open with 85% of its leasable space already taken up by a mix of shopping, dining, and entertainment concepts. Tenants will include The SM Store, SM Supermarket, SM Appliance Center, Ace Hardware, Our Home, Watsons, Surplus, Sports Central, Bata Shoes, Miniso, The Body Shop, Uniqlo, and Banco de Oro.

The mall will also feature a food hall with a view of Mayon Volcano, six SM Cinemas, and SM Cyberzone.

The listed firm chose to locate in Legazpi City as it is considered Bicol’s center for tourism, education, health services, commerce, and transportation. SM Prime also noted Legazpi, with a population of more than 200,000 people, is one of the top provincial cities with remittances from overseas Filipino workers.

SM City Legazpi is the fourth mall that SM Prime will be opening this year, after SM Center Imus in Cavite, SM City Urdaneta Central in Pangasinan, and SM City Telabastagan in Pampanga. This will bring the company’s total mall count to 71.

SM Prime will open SM Center Ormoc in Leyte in the fourth quarter, bringing its total to 72 stores across 9.6 million sq.m. by end-2018. The expansion is part of the company’s goal to have 10.8 million sq.m. of gross floor area across all its shopping malls by 2022, with around 86% located in the Philippines and the balance to be seen in China.

The company generated a net income of P16.62 billion in the first six months of 2018, 16% higher year-on-year as consolidated revenues likewise grew 15% to P49.77 billion for the period.


...magaling talaga ang grupo ni Henry Sy Smile

SM Prime leases out 97% of yet-to-open office building

SM PRIME Holdings, Inc. will be unveiling its newest office building in the Mall of Asia complex in Pasay City this Friday, alongside the topping off of its other office project in the area.

The listed property developer and mall operator said in a statement on Wednesday that it would launch ThreeE-Com Center, opening with 97% of its 114,000-square meter floor area leased out.

At the same time, the Sy-led firm will hold the topping off ceremony for FourE-Com Center, which is slated to be its largest office building to date with a gross floor area (GFA) of 190,000 sq.m.

“The launching of ThreeE-Com Center and the topping off of FourE-Com Center mark another milestone for SM Prime as these uniquely designed business centers add to the already captivating architectural landscape in the Mall of Asia Complex, as well as offering ample office space suitable for the growing needs of the outsourcing industry and other businesses,” SM Prime President Jeffrey C. Lim said in a statement.

Located at the corner of Harbor Drive and Bay Shore in the MOA complex, ThreeE-Com Center is a 15-storey twin-tower development accredited by the Philippine Economic Zone Authority. Its office spaces are located from the fifth to 15th floors, with the second to fourth levels dedicated for podium parking.

The project will also house retail establishments like Alfa Mart, Starbucks, Tim Hortons, Mei Yu Restaurant, and a BDO bank on the ground level.

ThreeE-Com Center carries a Gold certification in Leadership in Energy and Environmental Design (LEED), indicating that its facilities are environmentally friendly.

The opening of ThreeE-Com Center will bring SM Prime’s total GFA to around 595,000 sq.m., as it currently operates 10 office buildings situated across Makati, Pasay, Quezon City, Taguig, Clark in Pampanga, Taytay in Rizal, and Sta. Rosa in Laguna.

Meanwhile, FourE-Com Center will feature three towers with 15 storeys each. It offers a 3,000 sq.m. floor plate which is the typical demand for various companies, primarily technology-based ones.

The project boasts of a crystal-like design, and is in the process of getting certification for LEED standards as well. SM Prime expects to open the building in 2019.

The E-Com Center projects form part of SM Prime’s Commercial Properties Group, which handles the development and leasing of office buildings in the country. The company’s core business is in the development of malls, 71 of which are located in the Philippines and seven more in China.

SM Prime grew its net income by 16% to P16.62 billion in the first half of 2018, driven by the provincial expansion of its mall business as well as higher demand for residential properties. Revenues also picked up 15% to P49.77 billion during the period.

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...projection for 3rd QTR earnings is good

SM Prime upbeat on third quarter earnings

MANILA, Philippines — SM Prime Holdings Inc. (SMPH) said its third quarter net income remains strong despite spiraling inflation and rising interest rates.

“It’s still okay. We have not yet seen the impact of the inflation numbers,” SMPH president Jeffrey Lim said when asked about the company’s third quarter performance.

He said preliminary data shows that the numbers are still within target.

For the fourth quarter, Lim said consumer spending would likely remain strong due to holiday spending.

Inflation grew 6.7 percent in September, a nine-month high amid surging oil prices, a trade war between US and China, and various supply-related issues in the local market.

Interest rates, likewise, have gone up with the Bangko Sentral ng Pilipinas (BSP) raising rates by 50 basis points in its latest meeting last month.

Lim said higher interest rates – which would push borrowing costs higher – might not necessarily affect SM Prime’s property business, or at least not yet, as the Chinese market continues to push demand for residential projects.

SM Prime develops malls, hotels and other commercial projects as well as residential developments.

In the first half, the company reported a 16 percent jump in net income to P16.62 billion. Revenues rose 15 percent to P49.77 billion, while operating income increased by 16 percent to P23.36 billion.

Lim said the company’s expansion in various provincial areas supported growth.

SM Prime plans to put up more integrated developments in the coming years anchored by lifestyle malls, luxurious yet affordable residences, and other complementary amenities across the country.

Accounting for 58 percent of SM Prime’s consolidated revenues, malls contributed P28.71 billion in revenues.

Mall operating income increased by 12 percent to P15.9 billion.

At present, SM Prime has 77 malls, of which 70 are in the Philippines and seven are in China.

SM Development Corp., the primary residential unit of SM Prime, meanwhile, recorded a 25 percent increase in reservation sales to P34.45 billion in the first semester.

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10-23! Tongue

SM Prime net earnings jump 20% in 3rd quarter

SM PRIME Holdings, Inc. expanded its earnings by a fifth during the third quarter of 2018, driven by the double-digit growth across its shopping mall and residential businesses.

In a statement issued Monday, the property business of country’s richest man Henry Sy, Sr. posted a net income of P6.82 billion in the July to September period, 20% higher than the P5.66 billion it generated in the same period a year ago. This followed a 16% uptick in revenues to P24.79 billion.

On a nine-month basis, SM Prime’s net income climbed 17% to P23.44 billion, after a 16% surge in revenues to P34.91 billion.

“SM Prime’s continuous growth as reflected in our first nine-month report shows the results of our strategic expansion in various developing cities in the country,” SM Prime President Jeffrey C. Lim was quoted as saying in a statement.

The listed firm’s shopping mall business contributed 58% to its revenues, while the residential unit provided 34%. Other businesses such as offices and hotels accounted for the remaining eight percent.

Mall revenues went up 12% to P43.26 billion, boosted by the performance of new malls opened mostly in the provinces from 2016 to 2018. Same-mall sales growth increased by eight percent, pushing mall rental revenues 12% higher to P36.83 billion.

Cinema and event ticket sales rose by 17% to P3.92 billion, following higher gross box office receipts from blockbuster movies such as Avengers: Infinity War, The Hows of Us, Black Panther, and The Nun.

With this, mall operating income expanded by 12% to P23.97 billion, with operating income margin at 55%.

SM Prime ended the nine-month period with 78 malls, seven of which are in China. The company will launch one more mall, SM Center Ormoc in Leyte, as well as Luxe Duty Free in the Mall of Asia complex, before the year ends.

For its residential business, SM Prime recorded a 23% uptick in revenues to P25.26 billion, while operating income booked a 34% increase to P8.29 billion.

SM Development Corp. (SMDC) attributed the increase to higher construction accomplishments for projects launched from 2015 to 2017, including Shore 2, Fame, South, Spring, Shore 3, and S Residences in different parts of Metro Manila.

Reservation sales at SMDC improved by 25% to P52.80 billion, indicating a 15% increase in number of units sold to 14,698 units during the period.

SMDC also noted the higher demand for their projects coming from international buyers, overseas Filipino workers, as well as the emerging middle class.

The Commercial Properties Group (CPG) and SM Hotels and Conventions Centers (SMHCC) generated combined revenues of P6.17 billion, seven percent higher year-on-year. Operating income accordingly went up seven percent to P2.89 billion.

SM Prime’s CPG unit currently operates 11 office buildings, covering a gross floor area of almost 623,000 square meters. Meanwhile, SMHCC has more than 1,500 rooms, four convention centers, and three trade halls under its portfolio.

“Through the solid performances of our core businesses, we are positive that we will deliver the net income growth we committed when we integrated five years ago. We intend to keep this growth trajectory to enrich more lives in the communities that we serve and deliver more sustainable integrated developments for the betterment of our country,” Mr. Lim said.

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