09/01/2017
4kms away from Camella Tagum
SM Group eyeing to open a branch in Tagum City
INVESTMENTS continue to spread in Mindanao as investors look at the island-region as the new development hub.
Romeo Castañaga, provincial director of Department of Trade and Industry (DTI) Davao del Norte said that another mall operator is eyeing to open a branch in Tagum City.
“The SM group is studying and doing their rounds already,” Castañaga said.
At present, the SM malls has already presence in Mindanao with four malls namely SM City Davao, SM Lanang Premiere (Davao), SM City Cagayan de Oro and SM City General Santos.
“Visayas and Mindanao are new growth areas for SM where significant opportunities await investors. Its underserved markets are hungry for the kind of aspirational products and services that SM tends to bring into its development,” Corazon Guidote, senior vice president for investor relations of SM Investments Corp. (SMIC) said earlier.
Pushing for expansion, the company will open its eight-hectare second mall in Cagayan de Oro City by second semester next year.
Also, a 12-story SM office tower will rise in the same city.
For Mindanao, the company intends to set up additional malls, Savemore branches and stores like Ace Hardware and Watsons.
Also, the company is up for establishing a minimart called Alfamart here in the island.
SMIC bared that SM has earmarked around P70 to P80 billion annually in an aggressive expansion bid in the country resulting to the company’s growth by 11 percent to P15 billion in consolidated net income in the first half of 2016.
Meanwhile, Tagum has existing malls such as Buenas Supermart, Puregold, Gaisano Center, Gaisano Grand Mall, Gaisano Mall of Tagum, JS Gaisano, NCCC Mall, Tagum 168 Mall and Robinsons Mall.
“By next year, there will be another mall to open in Tagum, the CityMall that is currently being set up by Double Dragon Properties Corp.,” Castañaga said.
Asked where they attribute the influx of mall investors in Tagum, Castañaga said the city has become attractive to mall operators as it is strategically located in the Davao Region.
“Tagum is near to areas like Davao Oriental, Compostela Valley and Agusan. Also, when the Davao-Talaingod-Bukidnon road would open, the people from Bukidnon can also easily travel to Tagum,” Castañaga said.
http://www.sunstar.com.ph/davao/business/2016/11/03/investor-interest-all-time-high-507239