SM Prime to Build the First Philippine IKEA Store in Mall of Asia Complex
(20 November 2018, Pasay City, Philippines) SM Prime Holdings, Inc. (SM Prime), one of the largest integrated property developers in Southeast Asia, is set to construct another mixed-use building in the Mall of Asia (MOA) Complex, the Company’s first lifestyle city development located in Pasay City. This new project will house the first store of the Swedish furniture brand, IKEA, in the Philippines.
“The continuous development in the Bay Area, primarily in the MOA Complex, proves the merit of the vision we had more than 10 years ago when we launched SM Mall of Asia. The addition of this new mixed-use facility, and the entry of the world-renowned brand IKEA, complements the integrated lifestyle we dreamt for the MOA Complex. This is in line with our commitment to provide world-class amenities and convenience to the growing community in the Complex, as well as for the rest of Metro Manila and neighboring provinces,” SM Prime President Jeffrey C. Lim said.
This project is expected to be launched end of 2020 and will add more than 121,000 square meters (sqm) of gross floor area (GFA) to SM Prime’s growing footprint. IKEA will occupy 65,000 sqm of the GFA to house a two-level shop area, a large warehouse, an e-commerce facility, and an integrated call center – making this the world’s largest IKEA store. The remaining floors will be leased out by SM Prime to other office tenants.
This project will be built on Block 4 of MOA Complex, bounded by SM Mall of Asia in the north, MOA Arena in the east, MOA Arena Annex in the south and SMX Manila in the west. There will be link bridge ways connecting it to nearby developments.
Currently, the Company has 72 malls in the Philippines and seven in China, with a combined GFA of more than 9.5 sqm. The Company has also a total of 76 residential projects in and outside Metro Manila, 11 office buildings, 6 hotels and 7 convention centers and trade halls.
SM Prime remains committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities, thereby enriching the quality of life of millions of people.
For further information, please contact:
Vice President, Investor Relations
SM Prime Holdings, Inc.
Tel. no.: +632 862 7940