MANILA, Philippines – SM Prime Holdings, Incorporated (SMPH) is expanding its regional footprint with the opening of a flagship mall, SM Nuvali, in Sta. Rosa, Laguna, in October.

With a whopping 82,000 square meters of gross leasable area, SM Nuvali will also feature several sustainability initiatives, such as solar panels, water recycling systems, as well as 24 electric vehicle charging stations and an e-waste collection facility.

SMPH president Jeffrey Lim said SM Nuvali is one of five flagship malls that the Sy-owned property developer aims to open annually until 2030. The mall will also be SMPH’s fifth and largest mall in Laguna, and the Sy-owned firm’s 91st mall nationwide.

Lim added that SM Nuvali is part of the company’s strategy to deploy capital in areas where growing incomes and expanding urban centers can support demand for an integrated retail and lifestyle experience.

“This reflects our confidence in high-growth regional markets and our commitment to building integrated destinations that support long-term value creation,” the SMPH president said.

In 2023, Laguna became the first province in the Philippines to generate an economic value of just over P1 trillion, making it the biggest contributor to Calabarzon’s total economic output.

According to SM Supermalls president Steven Tan, over half of the mall has now been committed to tenants despite expectations that accelerating inflation would dampen consumer activity.

“As a matter of fact, the bigger problem right now is the availability of spaces. The interest is so high that there are still a lot of tenants that want to do business that we can no longer accommodate,” he said.

Tan also noted that foot traffic in SM malls nationwide stayed the same, with sales even growing in the double-digits.

These sales helped prop SMPH’s recurring net income up 2% in the first quarter of 2026 to P33.3 billion. However, the Sy-owned developer’s bottom line was flat at P11.6 billion as costs outpaced sales growth.

Revenue from malls comprised more than half of SMPH’s topline, contributing 61% or P20.4 billion of revenues due to high occupancy and what the company described as a “sustained interest” in experiential offerings.

Meanwhile, SMPH’s residential segment brought in 25% or P8.3 billion in revenues for the first quarter, down 14% from P9.7 billion a year earlier. SMPH noted that higher leisure residential sales partially offset weaker contributions from its core residential portfolio.

– Rappler.com