Image via WikipediaXiamen — SM Prime Holdings Corp. is ratcheting up its expansion across China with around RMB 3.58 billion (roughly P24 billion) allotted for the construction of four new malls slated for opening between 2010 and 2013.
Diane R. Dionisio, vice-president for finance of SM Prime’s China projects, said the group is stepping up its presence in the world’s second largest economy with plans to build its biggest shopping mall ever in Tianjin, the sixth largest city of the People’s Republic of China.
Dionisio said the SM Tianjin will rise on a 43-hectare property that would have approximately 530,000 square meters of gross floor area, about 30 percent bigger than its Mall of Asia on Roxas Boulevard. Targeted for opening in 2013, SM Tianjin will be built at a cost of RMB 2 billion (P13.4 billion), the highest investment ever to be made by the group.
The 70,000 square meter SM Suzhou with a development cost of RMB 450 million, is scheduled to open in December this year to be followed by SM Chongqing in the fourth quarter of 2011, SM Tianjin and SM Zibo in central Shandong province, both in 2013.
SM Prime has earmarked RMB 500 million for the construction of the Chongqing outlet which will have a gross floor area of 150,000. Around RMB 630 million has been set aside for SM Zibo with an estimated gross floor area of 170,000 square meters.
When completed, these malls would bring SM Prime’s total store network in China to eight. SM Prime entered China in 2007 after buying billionaire Henry Sy’s malls in Xiamen, Jinjiang and Chengdu for $252 million.
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