SM Prime Holdings, Inc. (SM Prime), the mall development arm of the SM Group, has maintained leasing rates for its premier mall SM Nuvali in Sta. Rosa, Laguna, even amid high demand from new tenants.
“We did not change anything. Because the demand is very high, there’s no need to recalibrate,” Steven Tan, president of SM Supermalls, said regarding leasing rates for the new premier mall during a recent media briefing.
Nuvali, one of five flagship malls SM intends to open between now and 2030, is expected to open in October this year.
“As a matter of fact, the bigger problem right now is the availability of spaces. The interest is so high that, you know, there is still a lot of tenants that want to do business, that we can no longer accommodate,” he said, referring to the 82,000 square meters of gross leasable area at SM Nuvali. “So we’re very excited about the project because it’s not just a flagship mall, but also a premium wall,” he added.
SM Nuvali is attracting a large number of tenants that 80 percent of its leasable space has already been taken up. The remaining 20 percent is being reserved for very selective brands, carefully curated to enhance the overall customer experience.
The tenant mix are both local and global brands, though he noted that local brands are performing even better than the global brands.
Food establishments already account for 30 percent of tenants. Mr. Tan cited an interesting mix of dining options at SM Nuvali, adding that some restaurants were specifically selected and invited to locate in the new mall to further enhance its offerings.
Mr. Tan explained that a premier mall is classified as such based on certain criteria. According to their research, these malls are typically located in high-end communities or near upscale villages. One example is SM Aura, which is situated in the country’s leading upscale business districts, the Bonifacio Global City.
“When we classify a shopping center, It’s always based on the community it’s serving and yet it makes it a little bit aspirational,” he said.
SM Nuvali will feature a one-hectare, air-conditioned indoor garden with playgrounds and a paw park, as well as larger nature-inspired spaces such as Sky Pods, premium restaurants, and global brands. A bridgeway will connect the mall to Park Inn by Radisson and SMX Trade Hall, which are currently being developed by SM Hotels and Conventions Corporation. The development of the NV Towers, an SM Offices project, is also underway.
SM Nuvali will be SM Prime’s 91st mall. The investment is part of the company’s broader strategy to deploy capital in high-growth regional markets, where rising incomes, stronger connectivity, and expanding urban centers continue to support demand for integrated retail, lifestyle, and leisure destinations.
Next year, SM Prime will open another flagship mall, SM Harrison Plaza in Manila. This will be followed by SM Malolos in Bulacan in 2028, Cavite in 2029, and Pasay in 2030.
