DAVAO CITY — City councilors here approved the reclassification of a 10-hectare property in Lanang district, about six kilometers north of city hall, from “parks and recreation” to “major commercial zone,” tearing down a major hurdle in the construction of a second SM City shopping mall.

‘Make a Child Happy this Xmas’ to launch

MANILA, Philippines – While it remains bullish on China, the SM Group of retail tycoon Henry Sy is training its sights on Vietnam and Indonesia as possible sites for the future expansion of its shopping mall operations, a top group executive said.

SM PRIME Holdings Inc., the country’s largest mall developer, has formally spoken out against the fiscal government’s proposed changes to the implementing rules of the Real Estate Investment Trust (REIT) Act.

MANILA, Philippines – Shopping mall giant SM Prime Holdings Inc. posted a 12- percent growth in net income during the third quarter this year to P1.9 billion on higher lease revenues and improved consumer spending.

MANILA, Philippines – SM Prime Holdings, Inc., the Philippines’ dominant shopping mall developer and operator, posted an 11 percent increase in net income for the first nine months of 2010 to P5.6 billion from P5.1 billion during the same period last year.

MANILA, Philippines – With all books collected for this year’s Donate-A-Book program now inventoried, SM Foundation, Inc. in collaboration with project partners SM Cares, DSWD, Bato Balani Foundation, National Book Development Board, Philippine Information Agency, Adarna House, and Children International Foundation Philippines has started distributing the books to public elementary and high schools, municipal and barangay libraries and day care centers.

Bacoor, Cavite (10 November) — As part of the company’s corporate responsibility and commitment to the community as well, the SM Supermalls’ Corporate Responsibility program, SM Cares, through the SM Committee on Youth and Children’s Welfare joined the recent National Children’s Day.

THE Philippines’ largest retailer reported that its profit in the third quarter rose by a tenth, driven by new mall openings. In a statement, SM Prime Holdings Inc. said its consolidated net income rose 12 percent to P1.9 billion in the July to September period from P1.7 billion in the same period last year.

SM Prime Holdings Inc. (SM Prime) yesterday said profit for the first nine months of the year reached P5.6 billion, 11 percent higher than the P5.1 billion during the same period last year..