MALL OPERATOR SM PRIME HOLDINGS Inc., banking on the growth prospects in Batangas, is opening a P1-billion mall in Lipa City on Sept. 22.

SM City Lipa will be the second SM Prime mall in the province. The first is in Batangas City.

Occupying 103,242 square meters of land, the new mall has a gross floor area of 77,682 square meters, the company said in a disclosure to the Philippine Stock Exchange yesterday.

SM Prime president Hans Sy said that Batangas is an important location for SM Malls considering its large and progressive population base, sea ports, rich marine resources, and its relative proximity to Metro Manila.

“Its growth will be one of the fastest among the key provinces in the country and we would like to be a bigger part of that growth,Sy said.

“Lipa is a bustling city and is one of only three key cities in Batangas. We are happy to make it a part of the still growing family of SM Prime malls,Sy added.

Lipa City has a population of nearly 200,000 and boasts of natural attractions such as Mounts Malarayat and Makulot. More importantly, it is a major commercial, educational and industrial destination.

The development of the retail sector in the provinces will be influenced by the growing BPO activity, property consultant CB Richard Ellis recently said in a study.