SM Prime Holdings Inc., the country’s largest shopping mall operator and developer, yesterday opened the P600-million Sky Garden, the newest attraction in SM North Edsa in Quezon City. 
 
SM Prime president Hans Sy said during the opening ceremonies that the Sky Garden at the second floor of the SM North Edsa was part of the P2-billion redevelopment of the entire mall.

The first component of the project featured The Annex, which was completed last year.

Sky Garden provides environmental element to the mall complex. Its attraction includes a roof garden, sky dome – a performance area with a 1,500-seating capacity and additional retail, dining, and entertainment outlets.

With the opening of Sky Garden, SM North Edsa’s gross floor area now stands at 445,000 square meters, making it the country’s biggest shopping mall while SM Mall of Asia in Pasay City has gross floor area of 407,000 sq. m.

Sy said at the opening of the Sky Garden that SM Prime planned to renovate the main building, which was opened 25 years ago.

SM Prime also plans to put up a second IMAX theater in SM North Edsa.

SM Prime chief finance officer Jeffrey Lim said the redevelopment of the SM North Edsa included the establishment of an IMAX theater within the area, which will be slightly smaller than the first in SM Mall of Asia.

SM North Edsa was opened in 1985 with gross floor area of 120,000 sq. m. The mall today accounts for 12 percent to 13 percent of the company’s total revenues.

SM Prime reported a 7-percent increase in net income in the first quarter of the year to P1.7 billion from P1.6 billion year-on-year.

Revenues jumped 18 percent to P4.7 billion. 
 
SM Prime plans to earmark P12 billion in capital expenditure, primarily for the construction of new malls.

On May 1, SM Prime inaugurated SM City Naga in Camarines Sur, the company’s first mall in the Bicol region.

The company this year is set to open SM City Rosario in Cavite and SM City Pamplona in Las Pinas. It will complete the expansion of SM City Rosales in Pangasinan.

SM Prime expects to have 36 malls in the country by the end of this year, with an estimated gross floor area of 4.9 million sq. m.