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Richmond Mercurio - The Philippine Star
December 1, 2025 | 12:00am
“Redevelopment for us is something that we are constantly looking at year-on-year. We’ve already completed Mall of Asia. Now it’s Megamall and in two years’ time, we will be ready with the redevelopment of North EDSA,” SM Supermalls president Steven Tan said.
STAR / File
MANILA, Philippines — SM Supermalls of the Sy family is setting its sights on redeveloping another one of its iconic malls in the country.
“Redevelopment for us is something that we are constantly looking at year-on-year. We’ve already completed Mall of Asia. Now it’s Megamall and in two years’ time, we will be ready with the redevelopment of North EDSA,” SM Supermalls president Steven Tan said.
“We just really have to schedule it so that we make sure that the financials are not distorted and are being monitored very closely,” he said.
SM City North EDSA was the first SM “supermall,” ushering in a new shopping experience for Filipinos when it opened in 1985.
Since then, SM Supermalls has grown its portfolio to 89 malls in the Philippines, cementing its retail leadership over the past 40 years.
“We have a lot of other projects that we are redeveloping. We do redevelopment because we want to stay relevant. We feel it is giving us good returns because once you redevelop, naturally the rental goes higher because more people are able to enjoy the place,” Tan said.
SM is set to complete the ongoing redevelopment of SM City Iloilo by the first quarter of 2026, while the redevelopment of SM Megamall will have a phased completion between 2027 and 2029.
“We love redevelopment. We love expansion. We also have a criteria for that. One is if there is an available room for expansion, sometimes horizontally and sometimes vertically,” Tan said.
“There is no one decision whether we will only be going to new malls or we will only be going to redevelop. When the opportunity presents itself, we’re there,” he said.
SM is investing over P150 billion 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.”
For SM Supermalls, creating an environment that supports businesses, local communities and the social-cultural events of a neighborhood has also been part of elevating the Filipino shopping experience.
