SM Group will assume ownership of Manila’s Harrison Plaza complex from the Martel family by next year, most likely refurbishing the seven-hectare property into a new mixed-used development.

“The plans are being reviewed,” said a source from the firm. “It might be mixed use, but definitely there will be a mall.”

“The area is a prime location and can be very well expanded into another sprawling mall with residential developments around it,” said SM Investments Corp chairman Jose Sio last year upon announcing the group’s plans to develop and manage the complex.

Harrison Plaza has been a highly recognisable fixture in the city since its construction in 1976, and is often referred to as the Philippines’ first modern shopping centre. The complex has, however, fallen into decline in the years since its renovation in the early 1980s. It currently has around 200 shops.

SM will buy out the plaza’s current owners from its contract with local government, which expires next year.