Cebu to have its own ‘Mall of Asia’ by 2015

Details

 

Category: Companies

Published on Monday, 20 May 2013 19:52

Written by InterAksyon.com

AFTER inaugurating its lifestyle mall in Bonifacio Global City last week, SM Prime Holdings Inc. announced it is set to open its next premier shopping center in Cebu by 2015, casually referring to the project as the Mall of Asia in the South.

Jeffrey Lim, SM Prime executive vice president and chief financial officer, told reporters its third shopping center in Cebu will be part of the Henry Sy-led firm’s mixed-use development called SM Seaside City at the reclaimed South Road Properties.

“At the same time, we have a big property which is half the size of the Mall of Asia. It can be the Mall of Asia in the south,” Lim said.

“If you look at the total, it should be P20 billion to P25 billion for the total project: malls, convention center, hotel,” he said.

The total of cost of the new shopping center may reach P5 billion, given its area of 400,000 square meters.

Cebu is ready to host a premier development “because it is a progressive and developed city,” Lim said. SM Prime operates two malls in Cebu in Barangay Lamac in Consolacion and the Cebu Port Center in Barrio Mabolo.

In May 2011 SM Prime said the Cebu SRP shopping mall will be a four-level complex and will feature a five-theater cineplex, an IMAX theater, an 18-lane bowling center, an ice skating and a roof garden, among others. It will be the fourth biggest among the company’s Philippine malls after SM Megamall, SM City North Edsa and Mall of Asia.

Last week, SM Aura Premier, the company’s 47th mall in the Philippines, began commercial operations with Hollywood fashion icon Sarah Jessica Parker gracing its opening.

SM Aura has a gross floor area of 234,892 square meters, incorporating office towers, a chapel, a convention center and mini-coliseum supported by a retail podium.