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SM to build 7 malls in PH this year

One of the country’s most popular mall developer is set to open seven new malls all over the Philippines this year, totalling to 67 malls nationwide.
The malls opening this year are SM Premier Cagayan de Oro in Misamis Oriental, SM Puerto Princesa in Palawan, SM Urdaneta in Pangasinan, SM Center Ormoc in Leyte, SM Tuguegarao in Cagayan, Cherry SM Antipolo and Cherry SM Congressional in Quezon City.
Philippine shopping mall revenue grew by 9 per cent year-on-year to P32.1 billion in the first nine months. Rental income expanded by 11 percent year-on-year to P26.9 billion from existing and new malls making SM Prime the most valuable company in the local stock market and a leading property developer in Southeast Asia in terms of market capitalization.
SM Prime has also expanded its market to China. It recently opened its seventh mall in China, SM City Tianjin, a shopping center with a gross floor area of 565,000 square meters. SM Prime also has malls in Xiamen, Jinjiang, Chengdu, Suzhou, Chongqing and Zibo.
SM Investments is the listed holding company of retail tycoon Henry Sy, recently named by Forbes Asia magazine as the Philippines’ richest person with a total net worth of $13.7 billion.
Aside from malls and office developments, Sy also has investments in banking, real estate, and tourism-related businesses.

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