SM opening flagship mall in Nuvali by Q4

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May 1, 2026 | 12:00am

New Premier Mall concept

MANILA, Philippines — SM Prime Holdings Inc. is set to open by October the first of five flagship malls slated through 2030, with the premier development already drawing strong interest from both local and international brands.

SM Nuvali, a flagship mall in Sta. Rosa, Laguna, will be the fifth and largest SM mall in the province.

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

SM Nuvali, which will become SM Prime’s 91st mall in the country, is being positioned as a premier mall with sustainability integrated into its design and operations.

The development will feature solar panels, water-recycling systems and energy-efficient lighting to support the operation of more than 82,000 square meters of gross leasable area.

“We believe SM Nuvali can bring meaningful value to the Nuvali estate. Its experiential attractions and tenant mix will help generate economic activity, create jobs and attract more investment into the region,” Lim said.

SM Supermalls president Steven Tan said the company has reached the occupancy level it wanted for the upcoming mall, which he said will open to the public by October.

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

“And this is actually not a small mall. In the snap of a finger, it was taken,” he added, noting that the mall will have a mix of global and local brands.

Over P150 billion will be invested by SM in 16 major redevelopments and 12 new lifestyle malls to ensure that its entire portfolio evolves into greener, smarter and more people-centered destinations by 2030.

In the Philippines, part of its expansion initiative is the delivery of one flagship mall annually from 2026 to 2030.

“So this year, it’s Nuvali. Next year, 2027, will be Harrison Plaza, and then you will have Malolos (by 2028) and also the Bay City on 2030. For 2029, we’re looking into a project in Silang, Cavite. That’s the plan,” Tan said.

To support its continuing expansion, SM Prime said it has submitted to the Securities and Exchange Commission (SEC) an application for a permit to issue fixed-rate bonds of up to P12 billion, with an over-subscription option of up to P6 billion.

The offering will consist of five-year and nine-month Series AE bonds, due in 2032 and 10-year Series AF bonds, due in 2036.

SM Prime said the issuance is the fourth tranche out of the company’s P100 billion shelf registration of fixed-rate bonds approved by the SEC in 2024.