SM Prime Holdings Inc. (SM Prime), one of Southeast Asia’s largest integrated property developers, reported a 15 percent increase in first-quarter foot traffic at its flagship Mall of Asia (MOA) Complex, as visits climbed to 34.5 million.
First-quarter foot traffic at the MOA Complex was fueled by a strong slate of events, led by the return of the Philippine International Pyromusical Competition, which featured top-tier fireworks teams from around the world and sharply boosted evening visits.
The quarter also saw high-profile concerts from global acts including Maroon 5, NIKI, Wave to Earth and K-pop stars Baekhyun and Taeyeon.
Major sporting events like the UAAP volleyball season attracted also large university crowds.
“The Mall of Asia Complex demonstrates how our integrated, experience-led strategy—from retail and offices to education and entertainment—drives sustained foot traffic,” said SM Prime President Jeffrey C. Lim. “It’s the SM ecosystem in full effect.”
The MOA Complex, SM Prime’s first integrated estate, is home to some of the Philippines’ largest and most modern commercial properties—including SM Mall of Asia, SMX Convention Center Manila, MOA Arena and SM MOA IMAX. It also houses the world’s largest IKEA store.
“We are seeing sustained momentum toward experience-driven consumption so we are aligning our event strategy to capture that demand,” added Lim.
SM Prime reported a first-quarter consolidated net income up by 11 percent increase from the previous year, driven primarily by the performance of its mall segment.
To sustain its growth momentum, SM Prime has outlined a three-pronged strategy of organic expansion, regional development and bold diversification. Lim said he expects integrated property developments and premium residential projects to drive growth over the next five years.
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