SM Prime to add 70,000 sqm mall space across three projects by Q4 2026

SM Prime Holdings is adding about 70,000 square metres of gross floor area across mall expansions in Iloilo, Batangas and Naga by the fourth quarter of 2026. The largest project is SM City Iloilo North Block, which will contribute 35,000 sqm as part of a mixed-use development.

SY-LED SM Prime Holdings, Inc. is set to add about 70,000 square metres (sq.m.) of gross floor area (GFA) across three mall expansion projects in Western Visayas, Cavite-Laguna-Batangas-Rizal-Quezon (Calabarzon), and Bicol by the fourth quarter (Q4) of 2026.

“The cities of Iloilo, Sto. Tomas and Naga are major economic hubs in their respective regions, with strong potential to attract more businesses and investment,” SM Prime President Jeffrey C. Lim said in a statement on Wednesday.

The projects will add retail, dining, entertainment, and commercial offerings, including brands and concepts making their debut in the three markets.

The largest project, SM City Iloilo North Block, will add about 35,000 sq.m. of gross floor area as part of a mixed-use development. The expansion will include covered multilevel parking, new ground-floor retail spaces for essential services, medical and wellness services, specialty stores, a convenience store, a café, and a National University (NU) campus.

SM City Sto. Tomas in Batangas will add more than 26,000 sq.m. through the construction of a third level. The expansion will include amusement concepts, restaurants, wellness establishments, retail stores, a dedicated trade hall, co-working and meeting spaces, visual installations, and additional surface parking.

SM City Naga in Bicol will undergo a two-story expansion covering about 9,000 sq.m. The project will include additional parking and a roof deck extension, while existing tenant areas will be redeveloped to improve circulation and the overall customer experience.

“Through these mall expansions, we aim to support their continued growth by creating more opportunities for micro, small, and medium enterprises (MSMEs), generating local employment and contributing to stronger communities,” Mr. Lim said. SM Prime said local residents would be prioritised for employment opportunities created by the expansion projects.

The projects will feature energy- and water-efficient systems, solar panels, electric vehicle (EV) charging stations, and enhanced waste management facilities as part of SM Prime’s sustainability initiatives.

The expansion comes as SM Prime reported P12.9 billion in consolidated net income for the second quarter, up slightly from P12.8 billion a year earlier. Consolidated revenue for the April-to-June period rose 9% to P38.4 billion from P35.3 billion, while total costs and expenses increased nearly 9% to P19 billion from P17.5 billion. For the first half of 2026, SM Prime’s consolidated net income was flat year on year at P24.5 billion. First-half consolidated revenue rose 5% to P71.7 billion from P68 billion, with rental income from malls, offices, hospitality, and conventions accounting for 61% of the total.