SM Prime spending P2.3 billion to redevelop mall in Iloilo

MANILA, Philippines — SM Prime Holdings Inc. is reinforcing its retail dominance in Iloilo with the P2.3 billion redevelopment of its shopping center in the province.

The integrated property development arm of the Sy family’s SM Group is set to complete the redevelopment of SM City Iloilo by the first quarter of 2026.

The SM City Iloilo redevelopment is part of SM Prime’s broader push to transform its commercial properties into future-ready spaces that anchor regional growth.

Once completed, SM City Iloilo will feature expanded retail and dining offerings, welcoming new brands and lifestyle destinations that will further cement its position as the premier lifestyle mall in Western Visayas.

The P2.3-billion investment includes the addition of over 7,900 square meters of gross leasable area (GLA) for the mall and over 23,670 square meters for the National University (NU).

It will also include upgraded mall interiors, motion sensor escalators, an expanded skylight, a multi-level car park at the North Block, and improved connectivity to the adjacent SM Strata, the tallest towers in Western Visayas, home to several IT-BPO companies.

“SM City Iloilo has been central to our growth and to the Ilonggo community. This investment will help drive domestic tourism, strengthen MSMEs, and unlock the city’s full potential,” SM Prime president Jeffrey Lim said.

SM City Iloilo, which opened in 1999, was the eighth SM Supermall built by SM Prime.

A series of expansions between 2009 and 2016 grew its GLA from 71,979 square meters to 106,307 square meters.

SM Prime announced the introduction of new zones for athleisure, entertainment, and amusement to support the mall’s evolving tenant mix and growing customer base, while enhancing the overall visitor experience and attracting increased foot traffic.

New and exciting concepts, many of which are firsts in Iloilo, are also being introduced to further strengthen SM City Iloilo’s position as the region’s leading retail and lifestyle destination.

“Sustainability is also a key part of this redevelopment. We are integrating eco-efficient features, including rooftop solar panels and advanced daylighting systems, as part of our broader commitment to building a greener, more energy-efficient property portfolio,” Lim said.

SM Prime said that the presence of NU by 2027, which is located within the complex, is also expected to boost foot traffic and reinforce the mall’s multi-generational appeal