SM Prime allots P5.3B for more convention centers
The hospitality arm of SM Prime Holdings Inc. is spending P5.3 billion to build more convention centers over the next five years, beginning with two developments in Cebu and Pasay.
In a statement on Friday, the listed property developer said SMX Convention Center Seaside Cebu would be opened in the third quarter of next year.
Touted as one of the largest convention hubs in the Visayas, the Cebu development will offer over 21,000 square meters (sq m) of leasable space across six levels.
The SMX Center for International Trade and Exhibitions at the Mall of Asia Complex in Pasay City, meanwhile, will welcome guests by the first quarter of 2027.
It will have 18,000 sq m of leasable space across two buildings.
“By building next-generation venues with scale and flexibility, we are enabling more communities to benefit from the business and tourism opportunities that MICE (meetings, incentives, conferences and exhibitions) events bring,” said Peggy Angeles, SM Hotels and Convention Corp. (SMHCC) executive vice president.
Convention centers host big trade fairs and expos, showcasing the products and services of both large companies and small and medium enterprises. According to Colliers Philippines, the government is positioning the Philippines as a key MICE destination in the world.
Apart from convention centers, SMHCC is also set to complete seven new hotel projects by the end of 2029, bringing the company’s hotel count to 17.
The Sy-led developer will have 3,923 hotel room keys after finishing additional hotels carrying the Park Inn by Radisson brand.
The new hotels are located in Metro Manila, Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon), Central Luzon, Cebu and Laoag.
In the first quarter, SMHCC contributed P362 million to SM Prime’s overall earnings, showing a 17.15-percent growth.
The parent company, meanwhile, grew its net income by 11 percent to a record P11.7 billion. The bottom line was primarily driven by the mall business, with revenues rising by 13 percent to P8.1 billion because of heavier foot traffic and high occupancy rate.
