SM PRIME HOLDINGS, INC. has allocated P7 billion for the phased redevelopment of SM Megamall in Mandaluyong City, aiming for full completion by 2029 to expand leasable space, enhance sustainability, and improve customer experience.
SM Megamall’s redevelopment will have a phased completion starting in 2027, SM Prime said in a statement on Tuesday.
With the redevelopment, SM Megamall will see the addition of 20,000 square meters (sq.m.) of gross leasable area, a new four-level basement parking facility with over 1,600 slots, expanded walkways and ceilings, and improved circulation through wider corridors and modernized vertical transport, the company said.
The redevelopment also features the introduction of nature-inspired architecture, improved mobility features, and energy-efficient systems, as well as the addition of themed retail zones and intuitive wayfinding to make the mall more accessible, it added.
Additional features include modernized cinemas in new locations, a new Megatrade Hall, a revamped food court, and renovated common areas and restrooms.
SM Megamall’s redevelopment will also come with new sustainability features such as a rainwater harvesting system with a 500-cubic-meter capacity to support water conservation, alongside mechanical system upgrades to reduce overall energy consumption, according to the company.
Solar panel installations are also under evaluation as part of SM Prime’s broader carbon reduction efforts.
SM Supermalls President Steven T. Tan earlier noted that SM Megamall continues to lead the company’s 88 malls in sales per square meter, with SM Mall of Asia coming in second.
“There’s a huge waiting list for spaces in SM Megamall,” he said.
Mr. Tan also expects higher foot traffic in SM Megamall with the addition of new leasable spaces following the redevelopment.
“To be able to increase your revenue, you therefore have to give more convenience to the public, and we acknowledge that. Therefore, it is a little bit painful to close a certain portion of SM Megamall because of the revenue that it generates, but we feel that this is a more sustainable development for the business in general,” he said.
“We have redevelopment lined up for the next five years, as well as the opening of new malls. We always assess the maturity of an existing mall if they are ready for expansion or redevelopment,” he added.
SM Prime shares rose by 2.38%, or 55 centavos, to P23.65 per share on Tuesday. — Revin Mikhael D. Ochave
