TMCnet News
Mall of Asia grand opening set in May(Business World (Philippines) Via Thomson Dialog NewsEdge)Mall developer and operator SM Prime Holdings, Inc. has set a May opening for the SM Mall of Asia, the biggest shopping mall in the Philippines, as it opted for a grand opening instead of the planned soft opening next month. SM Prime shares yesterday closed 1.28% higher to P7.90. Despite the delay, SM Prime is confident it would achieve its 2006 growth targets on revenues from its new shopping malls including SM City San Lazaro, SM Supercenter Molino, and SM Supercenter Valenzuela, which opened in 2005. The company opened its 23rd mall, SM City Santa Rosa this month. Other malls scheduled to open this year are SM City Clark, SM City Lipa, SM Supercenter Frontera, and SM City Bacolod. "This change in date will give the company the opportunity to further enhance the mall and allow more tenants to open. With more anchors and tenants open, customers can immediately enjoy the total shopping, dining, entertainment, leisure, and arts and culture experience the innovative mall has to offer. The rescheduling will also give the mall an opportunity to polish its unfinished construction works," SM Prime said in a disclosure. At present, total lease take-up is 85% with many of the tenants currently in the construction phase. The SM Mall of Asia, which sits on a 60-hectare property over-looking the Manila Bay, was designed to be the largest and most complete shopping complex in the Philippines. Its four buildings will be linked by elevated walkways and will feature a wide array of stores and venues for dining, entertainment, leisure, arts, and culture. The main mall will include shopping and dining establishments, a food court, and the country's first Olympic size ice skating rink. The North Parking Building will house the SM Department Store and half of the 5,000 parking spaces, while the South Parking Building will include the SM Hypermarket and more dining areas. The SM Mall of Asia was originally slated to open in December, but was postponed to the first quarter of this year after delays in the delivery of construction materials from abroad. |