SM to open second mall in Batangas

Mall developer SM Prime Holdings said Tuesday it will launch its newest mall located in Lipa City in Batangas on September 22, bringing its number of shopping centers to 27 nationwide. In a disclosure to the Philippine Stock Exchange, SM Prime said SM City Lipa will be its second mall in Batangas, which comes after SM City Batangas, which was opened in 2004. "Batangas is an important location for SM malls. Its growth will be one of the fastest among the key provinces in the country, and we would like to be a bigger part of that growth," SM Prime president Hans Sy said. SM Prime said SM City Lipa has 77,682 sqm of gross floor area and sits on 103,242 sqm of land. SM Prime is a subsidiary of SM Investments Corp., the holding company of tycoon Henry Sy. - Patricia de Leon, GMANews.TV