December 2nd, 2012 — After a pioneering “Marketmall” model that redeveloped a public market into a shopping center in Dasmariñas, Cavite, tycoon Henry Sy-led SM Prime Holdings is now evaluating proposals from several local government units to replicate this model elsewhere.

A hybrid between a farmer’s market and a shopping mall, SM Marketmall in Cavite replaced the former Kadiwa Public Market and opened about a year ago as a public-private partnership (PPP) between the city government and SM Prime. The Marketmall has an SM hypermarket, over a thousand wet and dry market stalls, restaurants and service centers.

Under such PPP model, the local government contributes the public market, which SM Prime redevelops. SM Prime then pays an annual rental fee with the use of the land and also pays real estate taxes on the newly constructed building.

“There are other LGUs that are interested because of the success of this market,” SM Prime chief finance officer Jeffrey Lim tells Biz Buzz. About three or more prospective venues for new marketmalls are under consideration.—Doris C. Dumlao