SM Prime expands office leasing portfolio in Iloilo

MANILA, Philippines — SM Prime Holdings Inc. has expanded its office leasing footprint in Iloilo.

Though its business unit SM Offices, SM Prime opened the Strata Tower in Iloilo City. 

The new office development is located along Iloilo City’s main highway.

SM Offices said this provides ease of public transportation for employees whose offices are in the building.

The building has a total leasable area of 23,000 square meters across 13 office floors and ground floor retail shops including SM Savemore Supermarket.

Strata Tower aims to establish BPO and office presence within the city and its neighboring towns.

SM Offices is the commercial property development and management arm of SM Prime.

At present, the business unit has 35 operational office properties with a combined gross floor area (GFA) of 642,000 sqm in 20 strategic locations across the Philippines.

SM Prime remains committed to being a catalyst for economic growth by delivering innovative and sustainable lifestyle cities, thereby enriching the quality of life for millions of people.

In the first quarter, the company reported a consolidated net income of P8.8 billion on sustained growth of its rental income and residential sales.  

This reflected a growth of 16 percent from P7.6 billion a year ago. Consolidated revenue, meanwhile, grew 14 percent to P26.5 billion.

SM Prime is set to expand its footprint in the Philippines with four new malls this year. These malls will add 200,000 sqm of GFA and will be located in developing provincial cities like SM Center in Dagupan in Pangasinan, SM City Olongapo Central in Zambales, SM City Butuan in Caraga Region and SM Mindpro Citimall in Zamboanga.

The company’s primary residential business, SM Development Corp., meanwhile, is targeting to launch around 15,000 to 20,000 residential units this year. These units will be composed of mixed high-rise and mid-rise buildings, as well as single-detached house and lot projects to address the growing demand among local and foreign buyers.