SM Prime Holdings Inc. is set to complete a P2.3-billion redevelopment of SM City Iloilo by the first quarter of next year, aimed at creating a “future-ready” commercial hub. The expansion will add over 7,900 square meters of leasable space for retail and 23,670 square meters for National University.
Upgrades include modernized mall interiors, motion-sensor escalators, a larger skylight, a multilevel North Block car park, and improved access to the nearby SM Strata towers hosting outsourcing firms.
Jeffrey Lim, SM Prime president, said, “SM City Iloilo has been central to our growth and to the Ilonggo community. This investment will help drive domestic tourism, strengthen [micro, small and medium enterprises] and unlock the city’s full potential.”
“Sustainability is also a key part of this redevelopment,” Lim added. “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.”
SM City Iloilo, opened in 1999, previously expanded from 71,979 sqm to 106,307 sqm between 2009 and 2016. Shares of SM Prime rose 4.65 percent to P21.40 on Tuesday.