SM bets big on Manila's MICE future with new mega venue

SM Prime Holdings is placing a sizeable bet on Manila's role in the region's business tourism map. The Philippines' integrated property developer has unveiled plans for SMX Centre for International Trade and Exhibitions (SMXCITE), a sprawling venue slated to rise within the SM Mall of Asia Complex by early 2027.

The 1.7 billion-peso (US$30.6 million) development aims to double the footprint of the existing SMX Convention Centre Manila, adding more than 18,000 square metres of leasable event space to the capital's growing meetings, incentives, conferences and exhibitions (MICE) inventory.

For Peggy Angeles, executive vice president of SM Hotels and Conventions Corp., the expansion is about timing - and belief. "This expansion reflects our confidence in the Philippines' growing stature in the MICE space," said Angeles in a release. "With world-class infrastructure and a strategic location, we believe Manila can rival regional peers as a go-to venue for international trade events."

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Comprising two buildings constructed simultaneously, SMXCITE is designed to host over 18,000 guests at any given time. While the scale is ambitious, it aligns with a broader strategy: transforming the MOA Complex into a premier destination for global trade shows, product launches, and consumer-facing exhibitions.

When completed, the combined capacity of SMXCITE and SMX Manila will exceed 35,000 square metres - cementing the area as an expansive event cluster. This comes as the country edges closer to becoming a key node in regional convention itineraries.

SM Prime isn't just scaling up - it's bringing forward lessons from previous builds. The new venue will follow in the footsteps of SMX Manila by incorporating passive design features such as maximised use of natural daylight, part of the company's wider sustainability commitments.

With SMXCITE, SM Prime's national convention footprint will reach nearly 60,000 square metres across eight venues in key cities including Cebu, Davao, Bacolod, and Clark. That expansion is more than just physical. It reflects a quiet but steady ambition to position Metro Manila as a rising MICE force in Southeast Asia, SM Prime said.

While the country's challenges - ranging from infrastructure gaps to travel logistics - remain real, developers such as SM Prime are signalling long-term faith in the Philippines' potential to grow as an events destination.

SM Prime is one of Southeast Asia's leading integrated property developers, known for building sustainable urban communities that combine malls, residences, offices, hotels, and convention centres. It is also the largest property firm by assets in the Philippines.

Founded in 1994, the company began as a shopping mall developer and has since grown into the country's dominant retail real estate operator. Today, SM Prime operates 87 malls across the Philippines and eight in China, covering a total gross floor area of 11.1 million square metres. It leases space to over 23,000 tenants locally and more than 2,000 in China.

In 2024, SM Prime recorded its strongest financial performance to date, posting a consolidated net income of 45.6 billion pesos (US$818 million) - a 14% increase from the previous year. Total revenues reached a historic high of 140.4 billion pesos (US$2.5 billion), up 10% from 2023. Malls remained the core contributor, accounting for 55% of revenue, followed by residential projects at 34%, hotels and convention centres at 6%, and offices and warehouses at 5%.

"The results we achieved in 2024 provide a solid foundation for future growth. We have several key projects in development that we expect will benefit from this positive momentum," SM Prime president Jeffrey C. Lim said.

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