{"id":14444,"date":"2016-05-26T11:11:15","date_gmt":"2016-05-26T04:11:15","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/philippine-mall-chain-sm-prime-eyes-southeast-asian-domination\/"},"modified":"2016-05-26T11:26:21","modified_gmt":"2016-05-26T04:26:21","slug":"philippine-mall-chain-sm-prime-eyes-southeast-asian-domination","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/philippine-mall-chain-sm-prime-eyes-southeast-asian-domination\/","title":{"rendered":"Philippine mall chain SM Prime eyes Southeast Asian domination"},"content":{"rendered":"


\nThe 2014 Best Developer (Philippines) winner is looking at its ASEAN neighbours for expansion opportunities
\nSM City Xiamen in China (image credit: Manila Bulletin)
\nManaging a total retail space of 7.3 million sqm, Manila-based property conglomerate SM Prime Holdings Inc seems to be casting its net even wider.
\nIn a recent interview, SM Prime chairman Henry Sy Jr said his company is mulling expansion outside the Philippines and mainland China, where it currently has 56 and five shopping malls, respectively.
\n\u201cWe\u2019re looking [for opportunities outside of the Philippines],\u201d the supermall tycoon told Inside Retail. \u201c[Our moves] will have to encompass the ASEAN region.\u201d
\nMore: Will ASEAN integration be a game-changer for the region\u2019s property markets?
\nJeffrey Lim, SM Prime executive vice-president, mentioned three countries in possible contention for an offshore expansion: Thailand, Laos, and Myanmar.
\nLim conceded that a move outside the Philippines comes with barriers to entry. He noted that land prices in Myanmar are higher than Makati, the financial hub of the Philippine capital.
\nThailand\u2019s shopping mall scene is currently dominated by the Central Group and The Mall Group, whose portfolio includes CentralWorld and Siam Paragon, two of the world\u2019s largest retail complexes.
\n\u201cI think we just have to be disciplined,\u201d Lim said. \u201cWe just have to wait and see first.\u201d
\nSM Prime continues to be branching in the countryside. In November 2015, it opened the Philippines Property Award-winning SM Seaside Cebu City.
\nMore: SM Group wins big at the Philippines Property Awards 2016
\nAt 470,000 sqm, SM Seaside City Cebu now stands as one of the world\u2019s biggest malls.
\nMore recently, SM Prime has set its sights on reclaiming 1,500 hectares of land in the town of Cordova, 20 km away from city centre.
\nIn April, the company signed a memorandum of understanding between the Cordova municipal government and the Philippine Reclamation Authority.
\nCordova Mayor Adelino Sitoy told The Standard that the company will utilise the land for, among others, a shopping mall and a cruise ship wharf.
\n\u201cMaybe an aquarium like one, like in Singapore,\u201d the mayor said.
\n
\nSource : property-report.com
\nRead more…Philippine mall chain SM Prime eyes Southeast Asian domination<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The 2014 Best Developer (Philippines) winner is looking at its ASEAN neighbours for expansion opportunities...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-14444","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-3KY","jetpack-related-posts":[{"id":7992,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/unveiled-philippines-property-awards-2016-official-shortlist\/","url_meta":{"origin":14444,"position":0},"title":"Unveiled: Philippines Property Awards 2016 official shortlist","date":"March 15, 2016","format":false,"excerpt":"\r Top developers from Luzon, Visayas and Mindanao scoop nominations;\u00a0Megaworld Corporation and SM Group lead with a combined 26 nods Will it finally be Megaworld Corporation\u2019s year at the Philippines Property Awards, or will SM Group repeat its triumphant run last year? The Dr Andrew L Tan-led firm received an\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10202,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/philippines-property-awards-2016-the-winners-list\/","url_meta":{"origin":14444,"position":1},"title":"Philippines Property Awards 2016: The Winners list","date":"April 8, 2016","format":false,"excerpt":"\r The 4th annual Philippines Property Awards gala was held at the prestigious Fairmont Makati Megaworld Corporation won four big awards including Best Developer (Philippines)\u00a0at the\u00a0Philippines Property Awards 2016 annual gala dinner held on Thursday evening, 7 April at the Fairmont Makati.\u00a0The Dr Andrew L Tan-led company also collected 13\u2026","rel":"","context":"In "Property 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