New SM mall in Cebu to rise in 2012
Posted on February 6th, 2010
The country’s largest operator of mall chains, SM Prime Holdings Inc., is yet on another expansion as it announced its plan to start the construction of its new shopping mall located within the 240-hectare South Road Properties (SRP) in Cebu 2010.
According to SM Prime chief financial officer Jeffrey Lim, the proposed shopping center will be having a gross floor area of 250,000 square meters, which make it the biggest the retail complex in Visayas and Mindanao. He said that the proposed shopping mall would be a smaller version of the 60-hectare Mall of Asia complex along Roxas Boulevard.
For the proposed mall in Cebu, the company has earmarked at least P20 billion in investment over the next 15-year period for a mixed-used development project at SRP which will also house a convention center, hotels, high-rise residential condominiums, school and a hospital. SM Prime offered to acquire the 28-hectare property within the SRP for P11,000 per square meter, or approximately P3 billion. The said property is a land reclamation project by the Cebu City government.
For this year, SM Prime will be opening five new malls in the country and one in China, where it will be spending P12.1 in total investments. Scheduled to be open this year are Calamba, Laguna; Masinag, Antipolo; Tarlac; Novaliches and San Pablo, Laguna.
The company also plans to open three new malls in Chonggqing, Suzhou, and Zibo, China, which are targeted to be opened between 2010 and 2012. Presently, it has three existing malls in China – SM Xiamen, Jinjiang and Chengdu.
SM Prime is targeting to have a total of 41 malls before the end of 2010, with a total gross floor area of 4.5 to 4.8 million square meters. Its malls are presently enjoying foot traffic of over 2.5 million per day.
