SM Development Corporation (SMDC), the residential development arm of the SM group of companies, reported a record-breaking consolidated net income of P1.0 billion for the first half of 2009, coming from just P10.3 million in the same period last year.

Cebu City – Citing the robust retail environment in Cebu, SM Prime Holdings Inc. (SMPHI), the conglomerate that owns and manages SM shopping malls in the country, is targeting to open three more malls in Cebu by 2011, a company official said.

SM announced it is looking for a location for a second mall in Metro Cebu in addition to its ongoing P3-billion development works for two hotels and a convention center, also in the city.

THE Philippines’ largest mall owner and operator said it plans to rebuild SM Megamall in Mandaluyong City into the country’s biggest shopping center.