SM City Puerto Princesa [ 2F l com l pro]

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SM City Puerto Princesa [ 2F l com l pro]

Post by Jan on Thu Oct 09, 2014 12:17 am

SM to start constructing mall in Puerto Princesa in 2014 - mayor

PUERTO PRINCESA CITY - SM Prime Holdings Incorporated (SMPHI), the owner of the giant SM shopping chain in the Philippines, is set to begin next year the construction of its new mall right in the heart of Palawan's capital.

Mayor Lucilo Bayron told the Philippine News Agency (PNA) Saturday during a hosted Christmas party for members of the local press that SMPHI has communicated with his office, signifying intention to set off the construction a “city mall” in Puerto Princesa by second quarter of 2014.

“If earlier the plan was to construct only a Hypermarket, this time they said it’s going to be a city mall,” Bayron told the PNA in an exclusive interview.

The mall will be constructed on a large property block just a stone’s throw away from the Old City Public Market along busy Miguel Malvar Street, and the People’s Amphitheater in Mendoza Park along Jose Rizal Avenue.

“SM is coming to Puerto Princesa, and next year it’s one of the biggest investments we’re going to welcome,” the mayor said.

Bayron said the city government is looking forward to the construction of the new mall as it will provide many jobs to residents of Puerto Princesa.

“Our agreement with them is a big share of their workforce should come from the city. This is for construction, and for their operation,” he said, adding their agreement is for 60 percent of the required labor force.

The company that operates the malls was started by Henry Sy Sr. in 1958 as Shoemart, with a store in Manila.

In the 1960s Shoemart expanded its shoe store chain. It is one of the pioneers in the new urban centers in Makati and Cubao. By the 1970s, Shoemart was a full-line department store, shifting its name from Shoemart to SM.

In the 1980s, the company diversified and ventured into the supermarket and home appliance store business, then finally opening the first "Supermall" store in 1985 in Quezon City called SM City North EDSA.


Source: http://www.interaksyon.com/business/77331/sm-to-start-constructing-mall-in-puerto-princesa-in-2014---mayor

Jan
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Re: SM City Puerto Princesa [ 2F l com l pro]

Post by Jan on Thu Oct 09, 2014 12:23 am

SM Prime starts developing community malls

SM Prime Holdings, Inc., is expected to break ground for its first mall in Puerto Princesa this week.

The Puerto Princesa mall is part of a number of malls the company looks to starts construction within the year that will be funded by the proceeds of a recent P25-billion bond offering.

SM Prime said it is disbursing in the fourth quarter of the year proceeds from the bond offer for the construction of malls in Quezon City, Caloocan City, Tacaloban City, Dagupan City, and Cavite City, on top of Puerto Princesa City, that are scheduled to open either in the second quarter or third quarter of 2016.

SM Prime recently successfully issued its bond offer carrying tenors of five years and six months, seven years, and 10 years.

The bond offer was underwritten by investment banks BDO Capital and Investments Corp., First Metro Investments Corp., China Banking Corp. and BPI Capital Corp. to arrange the deal.

Apart from the above mentioned malls, the proceeds of the bond, listed with the Philippine Dealing and Exchange Corp., will be used for the SM Prime’s capital expenditures, particularly for its second Park Inn by Radisson that will rise in SM Clark in Pampanga, set to be completed by the end of July, for the project. The 150 room hotel is set to open by the last quarter of next year.

Apart from the Park Inn by Radisson project, the proceeds will also be used to finance capital expenditures for the expansion of malls, in particular --- SM City Seaside Cebu, SM City Angono, SM Butuan, SM Cagayan de Oro, SM City San Mate, SM City Bacolod, SM City Lipa, SM City Sta. Rosa, The Block in SM City North EDSA.

It will also be used to construction of office spaces Five and Three E-com Center buildings, and Makati Avenue Commercial Building.

It will also be used to finance the construction of the 347-room Conrad Hotel Manila in the Mall of Asia Complex, also set to open next year, and the third and fourth Park Inn by Radisson this time in Mall of Asia and in Iloilo whose constructions are scheduled to start this year.


Source: http://www.smprime.com/sm-prime-starts-developing-community-malls

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Re: SM City Puerto Princesa [ 2F l com l pro]

Post by Jan on Thu Oct 09, 2014 12:27 am

SM holds groundbreaking for Puerto Princesa mall

Palawan Vice Governor Victorino Socrates and Puetro Princesa Mayor Lucilo Byron recently led the groundbreaking ceremonies of SM City Puerto Princesa together with SM Supermalls President Annie Garcia and SM Prime Vice President for Vismin Marissa Fernan.

Also joining them were Puerto Princesa Vice Mayor Luis Marcaida III and Barangay Captain Margil Avancena as well as SM Land’s Ron Tumao and SM Supermalls SVP for Marketing Jon Jon Agustin.




This leads the way for construction of SM’s first mall in Palawan, which is scheduled to open in 2016. Located on a five-hectare property along Malvar Road, the mall will bring SM’s shopping, leisure, and entertainment excitement to this tropical paradise with a bustling business center. It will have the SM Store and Supermarket as anchors, as well as mainstays like Ace Hardware and SM Appliance Center, retail stores, restaurants, and four SM Cinemas.

In his welcome remarks, Mayor Bayron said that with the groundbreaking, “SM is finally here and we are excited about this project because this will generate income for Puerto Princesa and will give employment to many people especially when construction starts.”

He also mentioned that SM City Puerto Princesa will be an attraction in the city along with tourist spots like the Underground River, lush rain forests, and white sand beaches.

SM Supermalls President Annie Garcia, on the other hand, said that SM “was looking forward to bringing the SM brand of service to Puerto Princesa and to Palawan.” She added that SM was happy to “carry out our various initiatives for the community” through employment, business opportunities, and working with the local government.

The highlight of the program was the capsule-laying ceremony, in which a national and local daily of that day, the mall’s floor plan, and the photos of the site were imbedded for future generations.


Source: http://www.mb.com.ph/sm-holds-groundbreaking-for-puerto-princesa-mall/

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Re: SM City Puerto Princesa [ 2F l com l pro]

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