SM Prime to spend P6B for Harrison Plaza redevelopment, eyes 2027 opening

SM Prime Holdings Inc. plans to invest over P6 billio to redevelop the former Harrison Plaza Complex in Manila into a mixed-use retail and lifestyle hub, with its flagship mall expected to open in 2027.

The redeveloped SM Harrison Plaza is expected to have an estimated gross floor area of over 200,000 square meters, comparable to the company’s flagship developments SM City Davao and SM City Clark.

Its tenant mix will include global brands and local retailers, and is expected to generate thousands of jobs during construction and long-term operations.

“The development will incorporate nature-inspire architectural elements alongside open layouts, community spaces, and green areas designed to support cultural and social activities,” SM Supermalls president Steven Tan said in an emailed statement.

To recall, Harrison Plaza opened in 1976 as the country’s first one-stop shopping mall. It ceased operations on December 31, 2019.

SM Supermalls earlier announced a P100-billion spending program this year, as it seeks to sustain the growth of its retail and commercial segments moving forward.

The company reported a 7% decline in its consolidated revenues during the fourth quarter of 2025 to P37.7 billion, while its net income was steady at P11.6 billion as it recorded a 12% improvement in its total costs and expenses.

This brought the full-year 2025 net income up 7% to P48.8 billion, as consolidated revenues grew to P141. billion on the back of the growth in its mall, residential, hotels and convention centers, and offices and warehouses businesses.

SM Prime aims to deliver one flagship mall every year through 2030, along side the redevelopment initiatives across its 89 malls. It is set to open up to three or four this year in General Trias, Cavite; Sta. Rosa, Laguna; Davao del Norte; and in Zamboanga City. —AOL, GMA News