[4] Henry Sy Sr. through First Asia Realty loaned ₱1 billion from the Philippine National Bank and Citibank, an unprecedented amount at the time, in April 1989 to fund the development of SM Megamall.

[8] The mall is located in the Ortigas Center, one of Metro Manila's premier central business districts and shopping hubs, at the portion encompassed by Mandaluyong City.

The mall is also located to nearby malls such as the Robinsons Galleria, St. Francis Square, The Podium, the Shangri-La Plaza, and Starmall EDSA Shaw and landmarks such as the Asian Development Bank Headquarters, Saint Pedro Poveda College, University of Asia and the Pacific, BDO Corporate Center, The Podium West Tower and the San Miguel Corporation Headquarters.

The building also contains the 1,300-square-meter (14,000 sq ft) DFA CO NCR-East, the first passport office of the Department of Foreign Affairs in Metro Manila which opened in August 2012.

[10] The Mega Fashion Hall features a two-level basement parking and a five-level mall with 86,000 m2 (930,000 sq ft) of retail, it houses several global clothing retailers, an events hall, and additional restaurants and shops, including the three-level H&M store and the three-level Uniqlo which extends to the two uppermost levels of Building B.

The Mega Fashion Hall also houses an IMAX Digital theater (which is also the eighth IMAX cinema in the country), a 56-seat Director's Club Cinema with butler service, an Olympic-sized ice skating rink (replacing the one removed in 2009 from the lower-ground level of Building A), an upscale food court (Mega Food Hall), and a 14-lane bowling center, the SM Bowling Center (also replacing the one removed in 2009 from the lower-ground level of Building A, now Toy Kingdom) .

The fashion hall also features the BTS Pop-Up Store, located at the mall's third floor, and showcases over 400 BTS-branded products.

The sculpture was unveiled on August 2, 2021, and is designed by Filipino-American public artist Jefre Manuel Figueras, also known as JEFRË, and was made of stainless steel.

The S-shaped tower is directly connected to the Mega Fashion Hall and features three levels of basement parking.

The tower was topped off in March 2020, and was opened in 2021 with Australian BPO ConnectOS signing as a major foundation tenant in 2022.