MANILA, Philippines - SM Prime Holdings, Inc., the country's leading mall developer and operator, is opening its 5th mall in China on Friday (December 14).
SM City Chongqing will be the company's fifth shopping mall in the country, after SM City Xiamen, SM City Jinjiang, SM City Chengdu, and SM City Suzhou.
"We are very pleased to open our fifth mall in China, SM City Chongqing, as we provide mall-goers with a one-stop shopping, dining, and leisure destination. We believe Chongqing is a significant market given the city's huge population and its attractive growth prospects. As we learn more about the market and gain acceptance in China, we intend to penetrate other cities that show promising economic progress," SM Prime President Mr. Hans T. Sy said in a statement.
Sy said SM Prime will launch two more malls in Zibo and Tianjin in 2014.
Located in Southwest China, SM City Chongqing has a gross floor area of 149,080 square meters, 85% of which has already been awarded to various tenants.
SM Chonqing will serve the city's 30 million residents with a mix of local and international stores such as Vanguard Supermarket, SM Department Store and Wanda Cinema. The mall is a one building structure with five levels, with an exterior design featuring fish scale panels accentuated by lightings.
SM Prime earlier reported that gross revenues from the 4 SM malls in China increased by 27% in the first 9 months of the year, due to improvements in the average occupancy level, lease renewals, and the opening of SM Xiamen Lifestyle and SM Suzhou. The 4 malls have an average occupancy rate of 96%.
In the Philippines, SM Prime has 46 malls. This year alone, SM Prime has opened SM City Olongapo in Zambales, SM City Consolacion in Cebu, SM City San Fernando in Pampanga, SM City General Santos in South Cotabato and SM Lanang Premier in Davao City.