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Singapore has piqued the interest of SM Prime Holdings as a possible entry point for the latter’s expansion elsewhere in Southeast Asia, reported ABS-CBN News.
On Monday (13 November), the owner of the biggest shopping mall chain in the Philippines revealed that they are considering to establish a presence in the city-state “soon” upon getting a license from the Singapore government.
“They have already approved provisionally so we’re looking into the final approval,” said SM Investments Vice Chairperson Teresita Sy-Coson.
She pointed out that the ASEAN region is a lucrative market for SM to enlarge its business given its total population of approximately 600 million people.
Founded by billionaire Henry Sy, the wealthiest man in the Philippines, SM Prime Holdings operates 65 shopping centres locally and eight in China.
This article was edited by Keshia Faculin.
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