SM Prime Holdings Inc. (SM Prime) has earmarked some P800 million for the construction of its second mall in Cebu to be located in the bustling northern town of Consolacion.
SM Prime president Hans Sy said the company has signed a long-term lease with Everjust Realty Development Corp. for a 46,926-square-meter lot in Barangay Lamac, Consolacion, Cebu.
Sy said the upscale mall, expected to be finished by 2011, will have a supermarket, department store and a variety of shops.
He said the signing of the lease contract is one of the first significant steps that SM Prime is taking towards completing its second mall in Cebu, which will break ground before the end of this year.
”The company considers Cebu as an ideal site for further expansion of SM malls, given its strategic role in the Visayas region and its strong export quality capability. It is also an ideal tourism destination and a take-off point for island-hopping by ferry to other destinations,” Sy said in his disclosure to the Philippine Stock Exchange.
Sy, in his recent visit to Cebu, told reporters that the project will be a two-storey mall with a total area of 53,000 sq. m. and leasable space of 40,000 square meters.
Sy said they are now finalizing the architectural plan of the project, which will bear a new look based on “a new image for SM.”
”It will be an upscale concept but for the open market,” Sy said.
He said the Consolacion project signifies their confidence in Cebu.
“My only regret is that I should have done this project much earlier,” he said.
After SM Consolacion, the company will focus on their mall project at the South Road Properties in 2012.
“It is good to open one in every year,” he said, adding that they might accelerate more mall projects in Cebu in the coming years.
For the rest of 2010, SM Prime will also be opening SM City Calamba and SM City Novaliches in Quezon City. The company is also set to open its fourth SM mall in mainland China, located in Suzhou City.
The company is expected to have 40 malls in the Philippines with a total gross floor area of 4.8 million sq. m. by the end of the year. (PNA)