Plans for fourth SM mall in Cebu underway

CEBU, Philippines - After announcing the establishment of one of the largest shopping malls in Asia at the South Road Properties (SRP) as well as its P800 million investment on another SM mall in Consolacion, SM Prime Holdings is again on the lookout for another for its fourth mall in Cebu soon.

SM Prime Holdings president Hans Sy announced Friday night the company’s intensive focus on Cebu is to expand and build more shopping malls.

“(Plans for) Cebu is already long overdue. One of my regrets is I did not start the second mall project [Consolacion] earlier,” said Sy explaining that if the second mall in Consolacion were started earlier, the company could have planned on its fourth mall now, aside from its large investments at the SRP.

SM Prime Holdings led by Sy recently signed a Memorandum of Agreement (MOA) with the property owner where SM Consolacion will soon rise. The area measures 4.8 hectares.

Sy vowed that the mall will be opened for commercial operation before the end of next year, probably by December of 2011.

SM Consolacion will be a two-story shopping mall with a new image that will be upscale, although the mall is targeting to attract the ‘open market’, he said.

The building footprint will cover a total of 2.5 hectare with a total leasable area of 40,00 square-meters.

The company will have its ground breaking before the end of this year, and will immediately start the construction of the shopping mall.

Sy however, did not give additional details on its planned fourth mall in Cebu, after the opening of the mall in Consolacion as well as the construction of the largest shopping facility in Cebu at SRP, he only said that works are ongoing for the fourth mall plan.

SM Prime Holding’s active entry to Cebu is an indication of its strong confidence of the stable economic stature of the province, he said.

The company already spent P2.5 billion for the re-construction of the Radisson Blu Hotel Cebu, which opened very recently.

It also announced its P20 billion allocation for the integrated development at the SRP, making the one of the world’s largest shopping malls as its flagship structure within the 30-hectare master-planned development.

Sy hinted of more projects to come in the Cebu province, although he stopped short of revealing more details about the plans.

The Sy Family was in Cebu over the weekend to grace the “Gear and Glam” car exhibit at the SM City Cebu-Northwing held last Friday night.