Business World Online
Posted on July 15, 2013 11:10:30 PM
LISTED SM Prime Holdings, Inc. has spent $2 million to install a rooftop solar power facility in one its malls in China as part of efforts to become energy-efficient, the company said in a statement attached to a disclosure yesterday.
SOLAR PANELS line the roof of SM City Xiamen in this official photo in a July 8 press release of SM Prime Holdings, Inc. that was attached to a disclosure yesterday.
“SM Prime built a 1.1-megawatt rooftop solar power project in its mall, the first of its kind in Xiamen, Fujian Province, China in line with its commitment to reduce greenhouse gas emissions and optimize energy efficiency in its malls,” the company said in its statement.
“The project consisted of… 3,740 solar panels on the roof of SM City Xiamen Phase 1 and Phase 2 (SM Lifestyle Center) with a total investment of 13.2 million Renminbi (RMB) or $2 million.”
Total capacity of the SM Xiamen solar power installation is 1,100 kilowatt peak, SM Prime said.
Average generated electricity is estimated at 1.1 million kilowatt-hours (kWh) per year, while total generated electricity of the facility’s estimated 25-year life will be approximately 27.5 million kWh, according to the statement.
“SM Prime is constantly in pursuit of the highest level of operational efficiency. We want to significantly reduce greenhouse gas emissions and operating costs by minimizing electricity consumption,” the statement quoted SM Prime President Hans T. Sy as saying.
“In line with this, we place strong emphasis on investing in the latest innovations in sustainable, energy-efficient technology.”
In SM City Jinjiang, SM Prime uses an ice-based cooling system designed to reduce the mall’s electricity bills while optimizing energy efficiency, the company said.
SM Prime operates 47 malls all over the country with a combined gross floor area of 5.9 million square meters.
This year, SM Prime is scheduled to open SM City BF Parañaque, while SM Megamall will be expanded with the opening of Building D. The company opened SM Aura Premier in Taguig City last May.
By yearend, SM Prime will have 48 malls in the Philippines and five others in China with an estimated combined gross floor area of 6.9 million square meters.
Aside from Xiamen and Jinjiang, SM Prime also has malls in Chengdu, Suzhou and Chongqing cities in China.
SM Group is in the process of consolidating its real estate assets under SM Prime.
Last Wednesday, shareholders of SM Prime approved the firm’s the merger with SM Land, Inc.
Under the consolidation process, SM Land -- a privately held unit of SM Investments Corp. (SMIC) -- will absorb outstanding shares of condominium builder SM Development Corp. (SMDC) and of upscale developer Highlands Prime, Inc. in exchange of shares in SM Prime. SM Land will then merge with SM Prime, which will be the surviving entity.
SM Prime will then acquire “specific real estate companies and assets currently held by SMIC in exchange for new shares in SM Prime.”
SMIC’s profits grew by 24% to P10.13 billion in the first quarter from P8.17 billion in the same period last year, driven by its banking and property businesses. In the same comparative periods, profits of SM Prime went up by 14.23% to P2.89 billion from P2.53 billion on higher leasing sales; those of SMDC grew by 12.40% to P1.36 billion from P1.21 billion on higher sales; while those of Highland Prime’s surged to P3.60 million from P122,000, also on higher revenues.
Yesterday, shares of SM Prime gained 50 centavos or 2.94% to close at P17.50 apiece from P17.00 last Friday, while those of SMIC added P26.50 or 2.90% to P940 each from P913.50. -- Cliff Harvey C. Venzon source
“The project consisted of… 3,740 solar panels on the roof of SM City Xiamen Phase 1 and Phase 2 (SM Lifestyle Center) with a total investment of 13.2 million Renminbi (RMB) or $2 million.”
Total capacity of the SM Xiamen solar power installation is 1,100 kilowatt peak, SM Prime said.
Average generated electricity is estimated at 1.1 million kilowatt-hours (kWh) per year, while total generated electricity of the facility’s estimated 25-year life will be approximately 27.5 million kWh, according to the statement.
“SM Prime is constantly in pursuit of the highest level of operational efficiency. We want to significantly reduce greenhouse gas emissions and operating costs by minimizing electricity consumption,” the statement quoted SM Prime President Hans T. Sy as saying.
“In line with this, we place strong emphasis on investing in the latest innovations in sustainable, energy-efficient technology.”
In SM City Jinjiang, SM Prime uses an ice-based cooling system designed to reduce the mall’s electricity bills while optimizing energy efficiency, the company said.
SM Prime operates 47 malls all over the country with a combined gross floor area of 5.9 million square meters.
This year, SM Prime is scheduled to open SM City BF Parañaque, while SM Megamall will be expanded with the opening of Building D. The company opened SM Aura Premier in Taguig City last May.
By yearend, SM Prime will have 48 malls in the Philippines and five others in China with an estimated combined gross floor area of 6.9 million square meters.
Aside from Xiamen and Jinjiang, SM Prime also has malls in Chengdu, Suzhou and Chongqing cities in China.
SM Group is in the process of consolidating its real estate assets under SM Prime.
Last Wednesday, shareholders of SM Prime approved the firm’s the merger with SM Land, Inc.
Under the consolidation process, SM Land -- a privately held unit of SM Investments Corp. (SMIC) -- will absorb outstanding shares of condominium builder SM Development Corp. (SMDC) and of upscale developer Highlands Prime, Inc. in exchange of shares in SM Prime. SM Land will then merge with SM Prime, which will be the surviving entity.
SM Prime will then acquire “specific real estate companies and assets currently held by SMIC in exchange for new shares in SM Prime.”
SMIC’s profits grew by 24% to P10.13 billion in the first quarter from P8.17 billion in the same period last year, driven by its banking and property businesses. In the same comparative periods, profits of SM Prime went up by 14.23% to P2.89 billion from P2.53 billion on higher leasing sales; those of SMDC grew by 12.40% to P1.36 billion from P1.21 billion on higher sales; while those of Highland Prime’s surged to P3.60 million from P122,000, also on higher revenues.
Yesterday, shares of SM Prime gained 50 centavos or 2.94% to close at P17.50 apiece from P17.00 last Friday, while those of SMIC added P26.50 or 2.90% to P940 each from P913.50. -- Cliff Harvey C. Venzon source
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