SM Prime Holdings, Inc. (PSE: SMPH), one of the Philippines’ largest property developers, is expanding its convention portfolio with a P1.7 billion investment in the SMX Center for International Trade and Exhibitions (SMXCITE)—a large-scale venue poised to bolster Metro Manila’s standing in Southeast Asia’s Meetings, Incentives, Conferences, and Exhibitions (MICE) circuit.
Set to rise within the SM Mall of Asia (MOA) Complex and targeted for completion in Q1 2027, SMXCITE will add over 18,000 sqm of leasable space, effectively doubling the capacity of the existing SMX Convention Center Manila. This expansion will result in a combined 35,000 sqm of trade hall space between the two facilities, enabling them to host large-scale international events, exhibitions, and trade expos.
Importantly, the new complex will consist of two buildings constructed simultaneously, each with the capacity to accommodate more than 18,000 guests, underscoring SM Prime’s confidence in the rebound and long-term trajectory of the business events industry.
Once completed, SM Prime’s total MICE-related gross leasable area across the Philippines will reach nearly 60,000 sqm, spanning eight venues nationwide.
While SM Prime has been a consistent player in retail and residential development, this expansion signals a strategic long-term bet on the revitalization of the MICE industry, which suffered during the pandemic but has shown steady recovery post-2022.
The timing reflects confidence in both domestic economic momentum and regional demand for large-scale venues. Metro Manila’s proximity to key business districts, airport infrastructure, and hotels provides a logistical advantage, positioning it competitively against regional hubs like Bangkok, Jakarta, and Kuala Lumpur.
Recent Data:
According to SM Prime’s Q1 2025 financial results, net income grew by 11% year-on-year to ?11.7 billion, with revenue increasing by 7% to ?32.8 billion. Notably, hotels and convention centers contributed 3% of total income, growing by 17% to ?362 million—indicating early signs of recovery and potential in the MICE segment.
SM Prime’s convention portfolio is more than just a series of venues—it’s a strategic infrastructure network that complements its broader commercial developments. Beyond SMX Manila and the upcoming SMXCITE, its other locations include:
| Venue Location | Notable Feature/Size |
|---|---|
| SMX Aura (Taguig) | Upscale location within BGC |
| SMX Bacolod | Western Visayas trade hub |
| SMX Davao | Gateway to Mindanao events |
| SMX Clark | Within Clark Freeport Zone |
| SMX Olongapo | Strategic access to Subic Bay |
| Sky Hall Seaside Cebu | Positioned within Cebu’s lifestyle hub |
| Megatrade Hall (Mandaluyong) | Integrated with SM Megamall |
This portfolio not only diversifies SM Prime’s revenue streams, but also reinforces the company's integrated development strategy—combining retail, residential, and commercial components within single ecosystems. These properties also generate synergistic benefits from adjacent malls and hotels, creating foot traffic and captive markets.
SM Prime has underscored its commitment to sustainable development through SMXCITE’s design. The upcoming venue will incorporate natural daylighting systems to reduce energy consumption—an environmental benchmark already applied at SMX Manila.
This aligns with broader investor and regulatory scrutiny around ESG (Environmental, Social and Governance) metrics in real estate development, particularly as institutional investors are increasingly factoring sustainability into long-term valuations.
The P1.7 billion investment in SMXCITE, while modest relative to SM Prime’s total asset base, sends a strong signal of forward planning and optimism about domestic and regional demand for large-scale event infrastructure.
Given the ongoing recovery of tourism and corporate travel in Southeast Asia, the expansion could serve as a differentiating factor for SM Prime in the coming years. It’s also notable that the MICE segment, though still a small part of SM Prime’s income mix, posted one of the fastest year-on-year growth rates in Q1 2025.
While the market may not have immediately priced in the long-term potential of this expansion, institutional investors focused on real asset value and yield stability may find such developments reassuring—especially when viewed against the company’s steady growth in core segments like malls and residential.
The SMXCITE project is not just a construction update—it reflects SM Prime’s broader thesis: that integrated, diversified developments anchored by large-scale infrastructure will be key drivers of long-term value in Philippine real estate.
With the MICE sector positioned for recovery and regional competition heating up, SM Prime is staking its claim early. And in doing so, it's betting that Manila can become a central stage—not just for retail, but for global exchange.