SM Supermalls posts P41.8B revenue, 96% occupancy; announes opening of SM Nuvali

SM Supermalls remains optimistic about ending the year on a strong note, especially with the onset of the holiday season, after posting P41.8 billion in revenues so far and achieving a 96% occupancy rate, SM Supermalls President Steven Tan said.

Tan said the company’s revenue grew by 8% year-on-year, while occupancy reached its highest level since the mall operator began operations.

“We are 96% occupied. The only vacancy we have is very minimal, mostly due to changing tenancy, location adjustments, and similar factors, so our occupancy is almost 100% full,” Tan said during the mid-year business review of SM Supermalls held at the SMX Convention Center in SM Aura, Taguig on Tuesday, September 1.

With the onset of the “ber” months, which mark the start of the long Christmas season in the Philippines, Tan said SM Supermalls has lined up various programs to further enhance the mall experience for shoppers.

SM to open 91st mall in Nuvali

Tan also announced the upcoming opening of SM Supermalls’ 91st mall in Laguna—SM Nuvali—on November 27, 2026.

He described it as the company’s newest flagship mall in the south, featuring a one-hectare indoor, air-conditioned garden designed to allow natural light in while reflecting heat—similar to Singapore’s Gardens by the Bay.

“SM Nuvali is something I myself have never seen anywhere in the world,” Tan said. “It is a shopping center with a one-hectare indoor garden, and surrounding it are restaurants with a view of the indoor garden.”

Once opened, the 82,000-square-meter SM Nuvali will be the fifth and largest SM mall in Laguna.

Tan also highlighted the opening of SM Zamboanga in March 2026, which he said marks one of the company’s key expansions this year, while SM Nuvali will cap the year’s openings.

He added that more malls are set to open in the coming years, including in Tagum, General Trias, Harrison Plaza, Bohol, and Malolos, Bulacan, as SM targets 100 malls by 2028.