MANILA, Philippines – The SM Group, which currently runs the Philippines’ two largest malls, is set to expand its Ortigas shopping center, turning it into the country’s biggest yet.

The three-hectare parking lot of SM Megamall along Edsa will be redeveloped, transforming into Metro Manila’s largest mall, officials of SM Prime Holdings Inc.

“After the renovation, SM Megamall will even be larger than North Edsa’s. The new structures will all be connected. The redevelopment will hopefully start next year,’ Hans Sy, SM Prime president said.

The company runs SM North Edsa, currently the country’s largest and Asia’s third biggest mall, and SM Mall of Asia, the Philippines’ second-largest mall.

On Monday, the company formally opened the Sky Garden at the SM North Edsa in Quezon City.

Some P2 billion was spent for the redevelopment of SM North Edsa, including P600 million for the Sky Dome, a concert venue which may accommodate as many as 1,500 people.

With the improvements in SM North, the entire shopping center now has a gross leasable area of 445,000 square meters.

The Sky Garden will have 32 to 33 tenants such as cafes, diners, and coffee houses.

SM North Edsa will also have its own I-MAX. It will just be a ‘matter of time’ before construction begins, the company said, adding it allotted P300 million for the special theater.

The entire Sky Garden and SM North Edsa’s The Block have been enabled as wi-fi hot spots without any charges.

SM North Edsa contributes between 12 and 13 percent to the entire revenues of SM Prime.

With the addition of Sky Garden, SM North Edsa’s topline share will improve by 18 percent.

Despite the large area of SM North Edsa, officials added that SM Malls continued to enjoy about “98 percent’ occupancy rate.