CEBU CITY—A key official of SM Prime Holdings said the company is increasing its investment for the development of SM Seaside City complex in Cebu City’s South Road Properties (SRP) to P30 billion.
“For the whole complex, the original budget was P20 billion. At the rate we’re going and everything is getting more exciting, we may have to raise our budget to P30 billion,” SM Prime President Hans Sy said.
Sy said the company is increasing its investment for the project because “we felt the demand is really there.”
Apart from the mall, the 30-hectare development will also include a five-star hotel with a convention center, high-rise office and residential buildings and an events center.
Sy said SM Prime has already spent around P7.5 billion for the mall development, which it is targeting to open in the latter part of this year.
The mall developer is in its fourth year in developing the five-level SM Seaside City mall at the SRP and, according to Sy, it would take six more years to complete the whole complex.
“It’s a whole 10-year project,” he said.
The mall, Sy added, is projected to employ some 5,000 workers, excluding the employment expected to be generated by the tenants.
He said that after the mall’s completion, SM would then proceed to building the convention center and the office buildings.
The 470,000-square-meter SM Seaside mall would be the fourth mall to be opened this year by SM Prime after it opens a mall in Caloocan City this year, Sy said.
SM Prime recently opened its 52nd mall in San Mateo, Rizal, and another one in Cabanatuan City earlier this year.