SM Prime will invest 1.4 billion pesos (US$32.80 million) for expansion of SM Bacolod in Negros Occidental.

SM Bacolod is the third mall of SM Prime in Visayas region after SM Iloilo and SM Cebu. It opened its doors in 2007 with a gross floor area of 71,759 sqm. The current mall employs 3000 people.

The expansion will commence this year and is expected to be completed in 2014. It will see an additional 102,043 sqm, taking the total gross floor area to 171,380 sqm. Some 2000 job will be created by the expansion.

“This expansion clearly manifests SM Prime’s commitment to assist in the further development and progress of the city through increased tax payments to the local government, as well as by providing residents an improved destination mall and a highly viable venue for business and commerce,” said Henry Sy, owner of SM Prime.

“Our continuing business expansion only affirms our commitment to provide for better retail facilities and services in cities and municipalities that are fast emerging from greater economic stability fueled by remittances from overseas workers and the growth in the business process outsourcing (BPO) sector.”

SM malls are also soon to open in Lanang in Davao City, Consolacion in Cebu, General Santos in South Cotabato and San Fernando in Pampanga.

SM is targeting 46 malls in the Philippines and five in China by the end of this year.

GB