Built on the same design template as SM City Fairview and SM City Bacoor at the height of the Asian Financial Crisis, its interior and external façade bear a resemblance to the two other malls, with a larger perron on its main entrance.

TeleTech Customer Care Management Philippines Inc., a BPO company, used to occupy the entire Third Level of the mall (not including the expansion wing) until 2021.

In 2009, an annex (The SouthPoint) with a floor area of 4,218 m2 (45,400 sq ft), adjacent to the main mall building was built to house some food-based tenants.

In 2015, the new expansion wing (also known as NorthPoint in SM City Iloilo's Facebook posts) was opened on the north side of the mall to accommodate more than 165 local and international shops and restaurants.

On November 11, 2016, the SouthPoint Expansion with a floor area of 24,854.93 m2 (267,536.2 sq ft) opened and is located near the south entrance of the main mall.

The former Cinemas 5 to 8 have been converted into tenant spaces.SM Strata, a business process outsourcing (BPO) twin towers and parking garage, is located at the northeastern side (at the Northbound section of Diversion Road) facing the main mall.

It also hosts the first Telus International Philippines contact center outside Metro Manila, along with Teletech (which relocated from the 3rd Level of the mall), EXL, and Carelon Global Solutions (formerly Legato Technologies).

A part of the Phase 2 expansion, the development will also include a new parking building and a branch of SMX Convention Center, along with retail spaces at the Ground Level.