The SM Megamall in the Ortigas Business District along EDSA is undergoing P1.5 billion expansion.
SM’s third largest mall – after Mall of Asia and SM North – will have a new building out of its parking lot, according to SM Prime Holdings Inc., the country’s largest property operator and developer.
SM Prime chief finance officer Jeffrey Lim said the building being built in the parking area will have 100,000 square meter sof gross leasable area.
SM Prime said the building will be a multi-level commercial, parking and office space for business process outsourcing companies.
Lim said the whole redevelopment, which covers about two hectares of land, would be completed by 2013.
SM Megamall has two buildings interconnected with a bridge. The mall occupies a land area of approximately 18 hectares and has a total floor area of an estimated 348,000 square meters, making it the third largest shopping mall in the country and seventh largest in the world by area.
The mall attracts a daily foot traffic of 800,000 people, adding up to 292,000,000 people a year. It has a maximum capacity of four million people.
In a statement, SM Prime reported a 12- percent increase in consolidated net income in the first three months of the year to P2.12 billion from P1.89 billion year-on-year.
Revenues grew by 13 percent on year to P6.07 billion.
Rental fees in the first quarter still accounted for the largest share of SM Prime’s consolidated revenues, reaching P5.26 billion, for a robust growth of 14 percent. Increased revenues from the four new malls in 2010 contributed to the total.
The new malls that opened last year were SM City Tarlac, SM City San Pablo in Laguna, SM City Calamba in Laguna and SM City Novaliches in Quezon City. The four new malls combined added 289,200 square meters to the company’s total gross floor area and register an average occupancy rate of 94 percent.