SM Prime allots P1.2B for redevelopment of SM City Baguio Wednesday, April 11, 2012
The Philippine Star By Zinnia B. Dela Peña
MANILA, Philippines - Shopping mall giant SM Prime Holdings Inc. is spending P1.2 billion for the redevelopment and expansion of SM City Baguio.
The expansion, which will make available an additional 76,000 square meters of retail space, involves the construction of a seven-level open-air retail, dining and entertainment destination that will rely almost exclusively on natural ventilation.
This would be in addition to the existing mall encompassing 106,000 square meters.
SM Prime said SM City Baguio will be the first mall in the North to be certified by LEED (Leadership in Energy and Environmental Design), the internationally recognized standard for green building design and construction.
SM Prime will replant over 50,000 trees as part of its commitment to be a responsible member of the communities it serves as a catalyst for employment and business opportunities, a top taxpayer, and key player for a sustainable environment.
“The mall expansion is a spin off from the top soil erosion concern of the mall for many years now. In order to permanently solve this, a retaining wall structure needs to be constructed to protect the building. This will entail excavation that will affect the trees in the area. SM is taking all measures to relocate them,” SM Prime said.
Earlier this year, SM Prime opened SM City Olongapo in Zambales. For the rest of 2012, the company will open SM City Lanang in Davao City, SM City Gen. Santos in South Cotabato, SM City Consolacion in Cebu, SM City San Fernando in Pampanga and SM Chongqing in China.
By the end of 2012, SM Prime will have a total of 46 malls in the Philippines and five in China, with an estimated combined GFA of 6.3 million sqm.