SM Prime Holdings, Inc. was incorporated in the Philippines in 1994. Starting out as a mall developer and operator, it grew to be the biggest retail shopping centre developer and operator in the Philippines with 49 malls in and outside Metro Manila and five shopping malls in China, totaling seven million square metres of gross floor area (GFA). As of the end October 2014, in the Philippines, the company has a total of 15,986 tenants; in China it has 1,408 tenants.
SM Supermalls’ primary business is the leasing of mall space to food, non-food and service tenants, with the provision of basic utilities such as water, electricity, LPG, chilled water, exhaust and waste disposal, among others. SM Supermalls has a comprehensive approach to being a good environmental citizen by incorporating sustainability into the heart of the business model. This is through constant operational procedures in waste, energy and water management along with constant external community outreach programmes to ensure significant reduction in carbon footprint.
Today, SM Prime is one of the largest integrated property developers in Southeast Asia that offers innovative and sustainable lifestyle cities with the development of malls, residences, offices, hotels and convention centres. In the Philippines, it is the largest property developer in terms of asset and income base as of end 2013. Being an integrated property developer, SM Prime now goes beyond mall development and management. The residential business component comes from its subsidiary, SM Development Corporation (SMDC) that sells affordable condominium units. SM Prime’s commercial business unit, the Commercial Property Group (CPG), is engaged in the development and leasing of office buildings in Metro Manila, as well as the operations and management of buildings and other land holdings such as the Mall of Asia Arena (MOA Arena). Its hotels and convention centres business unit develops and manages various hotel and convention centres across the Philippines.
With the continuous growth of the business, the demands of economy and concern for the stakeholders a priority, SM Prime reaffirms and strengthens its commitment to environmental stewardship as the company finds more ways to practice sustainable daily operations, which may have significant impact on the environment.
That is why being “green” is ingrained into the company’s business model as indicated in the sustainability framework of SM Prime Holdings. All processes and standard operating procedures are guided by this framework and international principles.
