The country’s largest Mall Operators, SM Malls, announced that they will open the fourth largest mall in the country, the SM Seaside City located in the Southern portion of the city of Cebu, this coming November 2015. The announcement was revealed to the media by Hans Sy, President of SM Prime Holdings Inc.
The SM Prime Holdings Inc. President visited the “Queen City of the South” for the mall’s tenant preview held inside the SM Seaside City at the South Road Properties.
According to Hans Sy, in its four-year construction period, the company has already spent P7.5 billion for the mall development. The next six years according to SM’s head, the company will completely develop the entire 30-hectare complex.
Upon completion of the SM Seaside City, the site will have a convention center, which is planned to be as big as the 24,000-square meter SMX Convention Center in Pasay City, a hotel, a high-rise residential and office towers.
SM’s Hans Sy also revealed that the whole complex will cost P20 billion but they raised the budget to P30 billion, citing the company’s confidence in their investments in Cebu and the positive response the company are getting.
The SM Seaside City in Cebu City will be fourth largest SM Mall in the country with a gross floor area of 470,000 square meters. The biggest malls of SM includes SM Megamall (570,000 sqm), SM North EDSA (540,000 sqm.), and SM Mall of Asia (480,000 sqm.).
At present, a total of 52 SM Malls are located in various parts of the country aside from the company’s investments in China which the company has six malls so far.
weehh