Mega Metro Manila Malls

[ryanr]

Actually those malls above are still part of Metro Manila. They are located in Muntinlupa which is a city on the southern most part of Metro Manila.

Yeah, we have lots of malls and many of them are quite big. Most major cities have malls but not necessarily big ones.

[renell]

ah. what did Eriq call this mall? it has a lot of potential, but ATC is a big competitor.

[bagel]

Are you talking about the other mall across SLEX from Filinvest? The mumu mall?

[absent-minded]

both malls look HUGE in those pics!!! and I love that first pic where you can see thousands of trees lining the entire stretch of road! can't believe that's in manila!! at first I thought they were models! wish all our cities are like that! hehehe... looks like a mini BGC in the south! do Clark and Subic look like that as well?

Gateway Mall sounds nice in that article too... how do they have an open-air Oasis inside the mall? what heppens once it rains? ehehe.... I wanna see it once opened. sounds like another mall revolution - even better than Greenbelt and ATC... can't wait!

@GreyX - I think I did see a few pics of Mall of Asia before the last hack. not too sure though. we usaed to have an individual thread for it, right?

[mysaong03]

hey, just wana add something. the SM Mall of Asia that weve long been waiting for is now almost finished!!!! i can describe it as realy giant & superbig! the main structure is still box-type kind of(typical of all SM) w/ 4 massive towers attached to its corners, & SM Group is now claiming it to be the largest ever constructed in Asia, complete w/ evrythin-so the concept now is multi-purpose, meaning not just a mall but a kind of community comp[osed of office, residential, retail, themepark, & entertainment center all in just 1 roof! (FYI: the megamall in ortigas presently is the 3rd largest in Southeast Asia by the record). meanwhile, Henry Sy, the mall taipan, who revolutionized 'malling' in the country is bent on opening 3 malls every year. this year, aside from Mall of Asia, scheduled to open are 2 other malls in Southern Tagalog, SM Dasmarinas, Cavite & SM City Batangas City. Last year, they opened Sm bicutan alongside w/ 2 others in Marilao, Bulacan & Lucena City, Quezon. theyre now focusing on ventures outside Manila bec. market here is now very saturated. well, the're just 2 many malls in the metro now & people can never get away on spending & buying..... grabe! all of this actually are part of Sy's strategy to giv the foreigners an impression that we are indeed the new shopping capital of Asia. hmmmm...too good to adopt, afterall, manila has been ranked as one of the cheapest cities in the world by a certain intl buss. magazine. by the way, goin back to sm, it is situated on a reclaimed land beside the world trade center complex, the one where the boulevard 2000 project of then pres. ramos is supposed to take place. that's also where the notorious macapagal boulevard is situated dubbed by the senate as the most expensive in the world, but thats another story. nway, new establishments to arise nearby include the new nayong filipino, after it was demolished 4 naia terminal 3.

[absent-minded]

what?!?!? the Mall of Asia is almost opening???? holy shiet!! sweeeet! how true is this???? hahaha.... I haven't seen any towers though.... and is nayong pilipino supposed to open somewher at SMMA? Manila is already shopping capital of Asia as it is... hehehe... no, not completely true. I think we just have to move into a higher end like many other Asian countries have. if only the economy was doing better...

btw, welcome to the forums mysaong03!! you've added a whole lot of info since you joined... keep posting!!

[ryanr]

absent, when we drove through Filinvest last year, my uncle was facinated by the cleanliness, modernity, beautification of the area that he said "parang hindi na tayo sa Manila..." hehehe...

Yeah we had some SM Mall of Asia renderings taken from the HOK website.

mysaong03, are you sure about Mall of Asia being almost completed? I havent heard anything of it when it being u/c. The current strip of SM buildings there is actually the SM office headquarters, could you possibly have mistaken it for this one? The Mall of Asia was supposed to be completed last year but was delayed a lot. I didnt even see it u/c when i was there last December, so i doubt it could be almost completed right now. Can we clarify?

Actually Boulevard 2000 was renamed to Bay City.

We had a Nyong Filipino thread before the hack with some of the renderings and models. Could someone post them again?

[absent-minded]

WILL WORLD’S LARGEST MALL BE BUILT IN PHILIPPINES?
BY CHRIS HANRAHAN
May 2003 - Int'l Council of Shopping Centers

Three times his doubters said he was crazy, and three times he proved them wrong. Now 77-year-old Henry Sy is working on his most ambitious project yet, Mall of Asia, which he says will be the world’s biggest.

“Yes, Henry Sy is crazy,” says Karl Krieger, publisher of Profit, a Philippines-based business magazine. “Crazy like a fox. He’s never been wrong about a shopping mall investment — not once.”

With 14 malls in the Philippines and one in China, Sy’s Philippines-based SM Group is one of Asia’s top retailers, owning supermarkets, department stores, a bank and a chain of drugstores. Sy himself is worth $1.5 billion, according to Forbes.

But this time, the region’s troubled economy may thwart Sy’s ambitions. Originally, the retail section of the project was supposed to open last year. Now that is scheduled to open later this year, but the company isn’t giving dates for the completion of the rest of the project anymore.

The first time Sy’s sanity got called into question was in the 1980s. As a great admirer of Sam Walton, Sy decided it was high time the Philippines had its first American-style mall. He opened that mall, SM City North EDSA, in 1985 on a 40-acre site in an underdeveloped area of Quezon City, metropolitan Manila. His critics said that the center would never work, that it was in the wrong location and that there was no market for it. They were dead wrong. With a gross leasable area of 2.8 million square feet, the mall soon became a big hit with the public.

In 1990 Sy opened the 1.4 million-square-foot SM Centerpoint on 7.4 acres of land in another part of Quezon City. Again Sy’s detractors said he was headed for disaster. Again they were wrong.

The most recent time Sy was thought not to be playing with a full deck was in 1991, when he opened the SM Megamall on a 25-acre site in Mandaluyong City, metro Manila. With a gross floor area of 3.5 million square feet, the mall is one of the world’s larger shopping centers. (By comparison, West Edmonton Mall, Alberta, Canada, measures 5.3 million square feet.) Despite real estate industry analysts’ initial reservations about the project’s size, SM Megamall has become an institution in the Philippines, drawing more than 300,000 shoppers a day.

Now Sy wants to top SM Megamall with the Mall of Asia project. At 5.7 million square feet, this huge development alongside Manila Bay, one of the world’s largest natural harbors, would eventually become — on paper — the world’s biggest shopping center. It would offer not only shopping but also a hotel, leisure and entertainment facilities, a school, a medical center, residential and office condominiums and even a church — a potential attraction in a country with the largest concentration of Roman Catholics in Asia. The site already houses the SM Group’s new corporate headquarters.

The first phase, offering 1.8 million square feet of leasable space, is supposedly due to open before the end of this year. But, in a reflection of the global economic downturn, the master plan for this giant development has been drastically revised. The development mode has changed from high-rise to low-rise, slashing the construction cost from 7.5 billion pesos ($139 million) to 2.5 billion pesos.

“Before, we thought we were going to build a seven-story building, maybe eight stories, a huge building,” said Sy. “Instead, we are putting up a sprawling-type, two-story building.”

“With the economic situation, … we thought that maybe we should change the plan, and that really caused a lot of delays,” said Tessie Sy, executive vice president of SM Group and Henry Sy’s eldest child.

Mall of Asia “was a bit ambitious” as originally envisioned, agrees Romina Magno, senior manager of research and consultancy at Jones Lang LaSalle Philippines. Though the project in itself may be sound, the country’s property market still hasn’t recovered from the 1997 Asian financial crisis.

“The recent change of plans to slow down the mall’s development by pursuing the construction in phases is a wise move,” she said. “Not only will this move save them billions [of pesos] in construction costs, it will also ensure income and rental revenues for SM even during these difficult and uncertain times.”

Currently, retail is the only stable real estate sector in the Philippines, Magno notes.

Tessie Sy is said to be the “chosen one” to succeed her father as head of the SM Group, even though the old man says he still enjoys putting in 12-hour days, six days a week and will never retire. She says Mall of Asia will be a destination for families and tourists looking for a pleasant venue to spend the day.

“It will take us a while to put all of these things up, but slowly it will be something which will be like ‘retailtainment,’” said Tessie Sy. “In the U.S. they have entertainment with retailing, and so we thought of doing something similar.”

The company envisages a cinema complex, an ice-skating rink, a pool hall and video game arcades.

For all of Mall of Asia’s claims to outdo West Edmonton Mall, such offerings pale in comparison to those at the latter, with its seven amusement venues, including a massive indoor lake, and 800 stores.

Similarly, details about the retail lineup seem spare, especially given the company’s talk of opening this portion of the project later this year. Anchors will include an SM Supermarket and SM department store, as well as such “junior” anchor shops as Bench, a fast-growing chain of fashion outlets; McDonald’s; Jollibee, a local fast-food competitor of McDonald’s; and National Bookstore, the Philippines’ leading book and stationery retailer. Like Sy’s other malls, this one is aimed at a lower-to-middle-income shopper.

Nevertheless, Magno says she likes the retail-entertainment concept.

“It reflects the changing trends in property development — from just shops and stores to integrated centers where everything is within reach by the consumer,” she said. “The strategy to include different types of facilities in a single location is a tried and tested concept. The Mall of Asia is Henry Sy’s attempt to put up an integrated, self-sufficient community.”

She says she also believes that the Manila Bay reclamation area is a good location for the mall, noting that the densely populated neighborhood, with its several universities and government offices, is underserved by retail.

When the schools, medical center and hotels are added in later phases, it will assure the mall a steady stream of customers, Magno said.

The question is, when?

Meanwhile, slowing down — or halting — the Mall of Asia project has released funds for building new malls outside metro Manila, the company says. SM, which has built up a land bank of 317 acres, is expanding its chain of properties in the Philippines at a rate of two per year.

“There’s no fixed number,” said Henry Sy when asked how many SM malls the domestic market can accommodate. “But I think the Philippines could be good for 40 malls.”

Adds Tessie Sy: “The market is still wide open. We cannot peg a certain number as the limit. We are still finding out [what the market can take] and expanding into other cities outside of metro Manila. We have in the plan about 30 [malls], and we could go to 40.”

Magno says SM’s strategy of building two new malls a year will be crucial in sustaining a healthy balance sheet.

“They have seen the statistics,” she said. “The Philippine population is growing at an annual rate of 2 percent to 3 percent, urban areas are growing by 5 percent annually, consumer expenditures are growing at an average annual rate of 16 percent over the past 10 years and overseas workers’ remittances are surging by 22 percent from 1997, to $7 billion in 2002.”

These trends are expected to be sustained or to accelerate over the next 10 years, she says, and SM has meanwhile been very careful about putting its malls in areas where they will thrive.

“Given the rapid urbanization in many parts of the country, I believe there are still a lot of underserved areas in the provinces,” she said. By continuing to put its malls in growing areas, she adds, and being the first to do so, the company will have a jump on its rivals when the economy improves.

SM has also begun developing malls in China. The first opened in Xiamen, Henry Sy’s birthplace, in 2002. Additional malls will open in Chengdu and Shanghai in the next two to three years.

Sy was born in China’s Fujian province and emigrated to the Philippines with his parents when he was 12. After leaving school, he sold shoes in Manila. This business proved to be so successful that he went on to open Manila’s first air-conditioned department store in the 1960s.

Consequently, even if Mall of Asia has ground to a halt, there is plenty else keeping the company busy.
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found this on the internet while I was trying to search for renderings of the MOA. the HOK site didn't have it at all. saw a thumbnail on Palafox's website though. but it was a broken link... dang!

I wonder why Henry Sy decided to halt the project. what are the chances of a mall - an SM Mall at that - in the Philippines losing money? I guess it's just too big for the country. we don't have enough retailers to fill the space up. I like the concept of putting everything under one roof though. Disneyland:California::SMMOA:Manila. they both can draw packs of tourists from all over the world - which is why Sy thought up the idea of adding hotels and stuff.

I dunno... I just can't wait to see this come alive...

[Thunderflip]

So only 2 floors instead of seven?How sad...but this plan really is very amazing and stunning if you would imagine it. I wonder how the mall will change Manila's character along the bay.

[absent-minded]

yeah... all i want from this is nice, architectural design... something we can showcase to the rest of the world. no one's gonna bother going halfway around the world - even if it indeed the biggest mall sitting on the face of the earth - if all it is a two level, white, rectangular box... and that will just signify how awfully poor this ccountry isN'T...

i went to this new mall in Taiwan like two years ago and it wasn't the biggest in the world, however, it was, hands down, nice and unique. it was shaped like a ball partly subsided underground. inside, the stores wrap around the globe-like structure and the department store is in another smaller ball inside - a little bit off center. never seen anything like it...

[renell]

Originally Posted by boybaha

Are you talking about the other mall across SLEX from Filinvest? The mumu mall?

no, i was referring to Fiesta Mall. he called this mall something. the mumu mall is just called the mumu mall nothing more

[amras]

he must be referring to this mall, Metropolis Alabang. The place used to be a cemetery, thus the nick "mumu" mall?

[renell]

no, i'm sure he was referring to the Fiesta Mall. he was saying something derogatory about it, and prefering Alabang Town Center instead.

[Eriq]

What? I can't even remember... Hmm.. Pok-pok mall???

[renell]

there we go..

i haven't been there for half a decade so i wouldn't know

[ryanr]

That article is a nice read. But what a bummer...Wish they were able to stick to the original plans. But i guess this time, its a big too ambitious.

[ryanr]

SM Prime sets aside P14 B for expansion in next 3 years
By ANA MARIE MACUJA

SM Prime Holdings Inc. (SMPH) will spend P14 billion in capital expenditures in the next three years, SMPH senior vice president for finance Jose T. Sio said.


According to Sio, for this year alone, the company will spend R5 billion in capex mostly to finance the completion of malls which are expected to be open this year. The company spent a lower capex last year at P3.8 billion.

SMPH announced it will open SM City Dasmariñas in Cavite and SM City Batangas before the end of the year.

In 2005, SMPH will spend the same amount of P5 billion as capex for the completion of Mall of Asia in Roxas Boulevard, SM City San Lazaro in Manila and SM City Molino in Cavite.

The following year, SMPH will open SM City Lipa in Batangas, SM City Clark Field in Pampanga and SM City Vito Cruz in Manila and will spend P4 billion in capex.

Capex for the next three years, Sio said, will be internally generated. The company boasts of a healthy cash flow that could finance the company’s capital expenditure program in the next three years.

During the organizational meeting that followed immediately after the stockholders’ meeting, the board of directors elected 48-year-old Hans T. Sy, as the new president, replacing his father who was reelected chairman of the board. The younger Sy is currently the SM Prime’s executive vice president for operations.

A graduate of mechanical engineering from De La Salle University Hans T. Sy is also the vice chairman of the board of China Banking Corporation and chairman of its executive committee.

Also during the meeting, the board declared a cash dividend of R0.10 and an additional P0.05 per share, or a total of P0.15 per share, payable to stockholders of record as of June 15, 2004.

Meantime the company is projecting a nine to 10 percent increase in net income for this year. The company earned R4.2 billion last year, an eight percent improvement from the R3.86 billion net income it posted in 2002.

According to SMPH, its gross revenues for the period ending December 31, 2003 surged by 10 percent to P 8.8 billion from P8.01 billion in 2002 due to continued growth in its rental operations and revenue contributions from its newly opened malls.

Meantime, Hans T. Sy said his family is considering on putting up a new mall in China. Sy said this would be a private investment of the family. He added they are open to having a local partner there for the said project.

As everybody knows, the market may be big in China but the competition is also very tough. Everything is being studied. We are looking within Asia and China is one of our options,” Sy said.

The Sy-family already has an existing venture in China, the Xiamen SM City, a five-storey mall situated at the interestection of Jiahe Road and Xianyue Road of Siamen.

The company said there has been a sustained performance of mall and food court leasing, cinemas and amusement operations. Rent, SMPH reported, increased by 11 percent to P6.98 billion in 2003 from P6.27 billion in 2002. Cinema revenues likewise grew 7 percent, posting revenues of P1.34 billion.

[absent-minded]

here's another article re: sm expansion....

S.M. mall to rise in Valenzuela
By JULIUS VICENTE
Correspondent

S.M. City Valenzuela will open in 2005 and will become the most modern shopping mall in the area which is expected to provide additional boost to the local economy and employment for residents, it was learned Friday.

Anna Victoria Gomez, corporate commercial manager of S.M. Prime Holdings Inc., told Today that a 61,460-square-meter lot in barangay Karuhatan, Valenzuela City, is the target site for the construction of the new commercial complex.

Gomez did not reveal the budget allocation for the project, but she said the shopping complex will cost billions of pesos.

Valenzuela Mayor Jose Emmanuel Carlos welcomed the plan of S.M. management to build a commercial center in the city because residents will no longer travel far to find new employment opportunities.

Carlos said the local government will also benefit from the shopping mall owing to the new taxes that will be paid to the local treasurer.

“Our yearly income in Valenzuela City could reach P1.5 billion, but with this [S.M. mall] the budget will have to increase,” Carlos said.

Gomez said five S.M. commercial centers will open in 2005, which will include a mall in San Lazaro, Manila; Valenzuela; Molino, Cavite; and the Mall of Asia in the reclamation area in Pasay City.

S.M. Prime Holdings Inc. currently operates 17 malls in the Philippines. Most recently opened were S.M. City Lucena, in Lucena City; S.M. City Baguio; and S.M. City Marilao, in Bulacan; and this year the target will see the opening of S.M. City Dasmariñas and S.M. City Batangas, said Gomez.

Jose Sio, senior vice president for finance of S.M., said the company registered a 9-10 percent increase in net income this year, from 4.2 billion pesos in 2003. He expects net revenue in the January-March quarter to increase by 15 percent compared to the same period last year.

Gomez said the company will provide additional employment and business opportunities in the city.

Residents will soon see the rising commercial building with an architectural design which provides an open-air streetscape and park-like environment. It will also provide the comfort of an all-weather shopping experience with its canopied walkways that will link buildings within the area, said Gomez.

S.M. Valenzuela is expected to give new life to the city which is also known as the Beer Capital of the Philippines because it also hosts the biggest brewery of San Miguel Corp. in barangay Marulas.
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from these two articles, sounds like lots of development is going on with SM... right now, they have 18 malls (17 Phil, 1 China). 2004 will add two more to the list, 2005 four (including Valenzuela), and 2006 another three. that sums all of it up to 27 and maybe one or two more by 2006 in China... SM City Valenzuela sounds pretty good, according to that article. I hope none of these new malls come out looking like boring old North EDSA or Megamall... some of the new malls are coming out pretty good though. excited about Clark and Mall of Asia as well...

[Francis20]

there's a Walter Mart U/C along Pasay Road, near Cinema Square. there are presently two cranes hoisted.

[bagel]

I thought there was already a Waltermart there. When I lived just a few blocks away from Pasong Tamo cor. Pasay Road, I used to go to that Waltermart for my groceries.