Major Mandaluyong mall set for P7-B redevelopment, expansion

SM Prime Holdings Inc., the Sy family’s property development company, is embarking on a P7-billion redevelopment and expansion of SM Megamall, one of the country’s most iconic retail complexes, with phased completion scheduled between 2027 and 2029.

In a disclosure to the Philippine Stock Exchange, SM Prime said the project is aimed at enhancing customer experience while embedding long-term sustainability measures throughout the property.

The redevelopment will be guided by United Kingdom–based architectural firm Benoy, the designer behind landmark projects such as Jewel Changi in Singapore and Icon Siam in Thailand. The new SM Megamall will adopt a “Crystal Islands” concept, emphasizing natural light, open spaces, and organic forms to improve visitor flow and create a more immersive shopping experience.

Plans include an additional 20,000 square meters of gross leasable area (GLA), nature-inspired architecture, upgraded mobility features, and energy-efficient systems. The mall will introduce themed retail zones and more intuitive wayfinding to help visitors explore its vast footprint more easily.

Key operational upgrades include a four-level basement parking facility with over 1,600 slots, wider corridors, expanded walkways and ceilings, and modernized vertical transport. The redevelopment will also see the relocation of its cinemas, a redesigned Megatrade Hall, upgraded food court, and enhanced common areas and restrooms.

Sustainability is a core feature of the project. A rainwater harvesting system with a 500-cubic-meter capacity will be installed to support water conservation. Mechanical system upgrades are expected to reduce energy consumption, while ETFE roofing, skylights, and clerestory windows will bring in more natural light and lower cooling and lighting costs. The mall will also continue using energy-efficient LED lighting and sensor-activated escalators, which can yield energy savings of up to 50 percent and 30 percent, respectively. Solar panel installations are being considered as part of SM Prime’s broader carbon-reduction initiatives.

Serving millions of shoppers annually and acting as a central hub in Mandaluyong City’s business district, SM Megamall has been a flagship property for SM Prime. The redevelopment aims to position it for the next decade of growth while reinforcing SM Prime’s role as a leader in sustainable mall development.