SM Prime Holdings Inc. expects to complete the third expansion of its SM City Xiamen complex by next year.
Developed for 1.148 billion yuan for a five-year period, the third expansion dubbed as SM Xiamen phase IV will have five 15- to 19-story towers, excluding two underground floors, that are connected by a 5-story podium.
SM Xiamen phase IV is eyed to have 260,000 square meters (sq.m.) of developed space that includes 120,000 sq.m. of office space and over 30,000 sq.m. of commercial space as well as 1,643 parking spaces.
Steven Tan, president of SM Supermalls, SM Prime’s retail space leasing arm, said the completion of the SM Xiamen expansion will make the complex larger than SM Prime’s SM Mall of Asia complex in the Philippines.
“Right now, we’ve already opened the first part of the Xiamen (phase) 4 and, including the hotel, it should be complete by next year,” Tan said.
SM Prime is in talks with the Intercon Group to operate the boutique hotel which will have over 100 rooms, Tan added.
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.”
SM City Xiamen’s phase one covered the first mall, followed by SM Lifestyle mall, and last year was the SM Xiamen expansion mall.
Tan, meanwhile, said SM Prime will open next year another mall in the outskirt of Xiamen.
The new mall will complement SM Prime’s China malls in Chengdu, Chongqing, Tianjin, Suzhou, Yangzhou, Zibo, Jinjian as well as the Xiamen mall complex.
“There was an opportunity. There was a new lot that was offered by the government. And we studied it and it was good. That one is a single mall. This one isn’t as big as the Xiamen original site. But it’s not small,” said Tan of the mall at Xiamen’s outskirt.
“We feel that there’s an opportunity there. Our head office is in Xiamen. So it’s easier to control. This will be our second mall in Xiamen since our original Xiamen mall has already four buildings. And it’s doing extremely well. Take-up is also very good,” he added.
The company is looking to complete the construction of another China mall by 2027, this time in Fuzhou, Fujian province.
“Right now, our focus is really more on the Fujian province. Simply because of proximity,” Tan said.
