SM Prime Holdings Inc. continues to expand its business in China.
Steven Tan, SM Supermalls president, said the group is set to open a portion of its SM Xiamen Phase IV project in Fujian by next year.
SM Phase IV is next to the company’s SM City Xiamen and is directly opposite SM Lifestyle Center and SM Phase III.
SM Prime is spending 1.148 billion yuan for the project eyed to be completed in five years.
It will have five 15 to 19-story towers (excluding two underground floors), which are connected by a five-story podium.
SM Xiamen Phase IV is eyed to have 260,000 square meters (sq.m.) of developed space that include 120,000 sq.m. of office space and over 30,000 sq.m. of commercial space, and 1,643 parking spaces.
SM Xiamen Phase IV completes the full development of the SM Xiamen complex, which is eyed to have 670,000 sq.m. in gross floor area, boasting of a “super complex that integrates life, social, entertainment and business is on the horizon.”
“The slowdown that everyone is talking about I think it really depends on the area. China is so big and Fujian is not really that greatly affected and most of our anchor projects are in Fujian. We still believe in the prospects of China therefore we will still continue to expand our prospect in China,” Tan said.
Aside from Xiamen, SM Prime is also in Chengdu, Chongqing, Tianjin, Suzhou, Yangzhou, Zibo, and Jinjian. – Ruelle Castro
