MANILA, Philippines - SM Prime Holdings Inc., the country’s largest mall developer will put up SM Seaside City Cebu – its fourth biggest shopping mall – at a cost of P4.5 billion.
The new mall, with a gross floor area of 241,600 square meters, forms part of the P20-billion, 30-hectare integrated development project at South Road Properties (SRP) known as SM Seaside Complex. The structure will become the biggest shopping mall in Cebu when completed in the second quarter of 2014.
SM Seaside City Cebu will be the group’s fourth biggest mall next to SM City North Edsa, SM Mall of Asia and SM Megamall in Mandaluyong.
The mall will be a four-level complex that will house a five-theater Cineplex and IMAX theatre, an 18-lane bowling center, an ice skating rink and a roof garden, among others.
Designed by Arquitectonica, a Miami-based international architecture, interior design and planning firm, SM Seaside City Cebu will have over 800 food and retail shops, including international brands.
A large, modern, all-white structured church nestled among lush foliage will be the first to be built and completed in the new SM complex. Plans also include the development of residential buildings, a hotel, a conference and convention center, apartments, condominiums, school and a hospital. The mall will be interconnected with these structures through elevated walkways.
SM Prime has allotted P18 billion for the continued expansion of its operations in the Philippines and in China. For this year, the company will open three new malls (SM City Masinag in Antipolo, SM City San Fernando in Pampanga, and SM City Olongapo in Zambales) and one in China (SM City Suzhou).
It is also set to expand SM City Davao in Southern Mindanao and SM City Dasmariñas in Cavite.
SM Prime will end the year with 43 malls in the Philippines and four in China with an estimated combined floor area of 5.9 million sqm. By 2013, the company is expected to have a total of seven malls in China with a total floor area of 1.4 million sqm.
“In the last 25 years, SM Prime redefined and enhanced its vision, mission, and core values, enabling it to create strategies that foster sustainable growth and expansion. A bigger and bolder SM Prime has since emerged, ready to take on the vast opportunities that will come from a robust and still growing Asian economy,” said Hans Sy, president of SM Prime.