Harrison Plaza, the Philippines’ first modern shopping mall, might finally be closing down if plans push through. Officially inaugurated in 1976, the mall has been operating for 43 years now. It could close down as soon as 2020.
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The Martel family was in serious talks with SM Prime chair Henry Sy Jr. over relinquishing the contract over the 7-hectare complex last April 2018. They had nearly finalized the deal at the time, with the Martel family quite willing to be bought out of their contract. However, both parties would have to wait for the contract to expire by either 2020 or 2022 depending on the technicalities.
Sy is quoted as saying:Â
It’s a very good area. This can be a massive project. We could build a new shopping center with (residential) condominium above it.
Once we finish (discussions) with the Martels, we will start with it right away. Right now, demand for (residential condominium) units is so much so I have to keep on replenishing land because we’re running out of land.
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SM Prime committed to investing Php 40 billion to the project, considering that the City of Manila would very much like to see the complex revitalized. However, there have been no updates since that time so there is still a need to wait and verify the finalization of contract.Â
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