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Sunday, June 7, 2015
SM Seaside City Cebu to open in November
Cebu City Philippines, In November this year, SM Seaside City, the fourth largest SM mall nationwide, will open.
This is according to Hans Sy, president of SM Prime Holdings Inc., who was in Cebu yesterday for the mall’s tenant preview held inside SM Seaside City at the South Road Properties.
“We are looking to open the mall by November,” Sy told reporters at the sidelines of the event. In its four-year construction period, the company has already spent P7.5 billion for the mall development.
The next six years will be more exciting, he said, as they are targeting to completely develop the entire 30-hectare complex.
Upon completion, 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, a hotel, and high-rise residential and office towers.
“The whole complex will cost P20 billion, but we have to raise our budget to P30 billion,” Sy said, citing the company’s confidence in their investments in Cebu and the positive response they are getting.
Sy said SM Seaside City will be the fourth largest SM mall in the country, having a gross floor area of 470,000 square meters. SM’s biggest malls are SM Megamall (570,000 sqm.), SM North Edsa (540,000 sqm.), and SM Mall of Asia (480,000 sqm.).
The official said there is space for more than 400 tenants and that 50 percent have already signed up. Names of the tenants, however, were not disclosed.
“What I can say that for is half of the tenants, it will be their first time in Cebu,” Sy said, referring to global brands that have already set foot in Metro Manila years ago, but have not yet penetrated Cebu.