SM Prime investing P7 billion for Megamall redevelopment

MANILA, Philippines — SM Prime Holdings Inc., the integrated property development arm of the Sy family’s SM Group, is investing P7 billion for the redevelopment of one of the Philippines’ most iconic malls.

SM Prime is undertaking a redevelopment of SM Megamall, with phased completion eyed between 2027 and 2029.

With the redevelopment, the company is positioning SM Megamall for the next decade of growth by elevating the customer experience and embedding long-term sustainability measures across the property.

“It is a little bit painful to close a certain portion of Megamall because of the revenue that it generates, but we feel that this is a more sustainable development for the business in general,” SM Supermalls president Steven Tan said.

Tan said that SM Megamall, which has been serving millions annually and anchoring the Mandaluyong central business district, currently has the highest per square meter sales across the group’s shopping centers.

He said that there is also a huge waiting list for spaces in SM Megamall, one of the highest among SM’s portfolio of 88 malls nationwide.

The SM Megamall redevelopment will add 20,000 square meters of gross leasable area and introduce nature-inspired architecture, improved mobility features and energy-efficient systems.

SM Prime said the addition of themed retail zones and intuitive wayfinding is designed to make the mall more accessible, while encouraging visitors to explore and discover new experiences throughout the expansive complex.

Operational upgrades include a new four-level basement parking facility with over 1,600 slots, expanded walkways and ceilings as well as improved circulation through wider corridors and modernized vertical transport.