CEBU CITY—The SM group will soon embark on a multibillion-peso project, including a shopping mall touted to be the biggest in Visayas and Mindanao, on a 30-hectare lot in South Road Properties (SRP) that it bought from the city government early this year.
Hans Sy, president of SM Prime Holdings and first executive vice president of SM Investments Corp., said on Monday that a master plan for the project had already been completed and would be unveiled in November.
Sy was interviewed by journalists at the sidelines of the soft opening of the group’s Radisson Blu Hotel Cebu, a five-star hotel catering to the upscale market.
The company might break ground earlier because it has to work on the horizontal development of the SRP project, such as the road network, he said.
Implemented in phases, the project would also include a convention center, a hotel and a residential condominium. A church will be built in the area first before the mall, Sy said.
Sy disclosed that the mall design would be different from Mall of Asia in Pasay City. He had earlier said that the SRP mall, with a gross floor area of 250,000 square meters, was expected to be completed in 2012.
The company will also build a shopping mall in Consolacion town, 12 kilometers north of here.
Sy said his group would be looking at how the convention facilities of Radisson Blu Hotel Cebu would fare before they decide to go ahead with similar facilities at the lot adjacent to the hotel and at the SRP.
Radisson general manager Grant Gaskin, in a separate interview on Monday, said the hotel would be tapping markets here and abroad in a bid to make Cebu the destination for conventions.
SM Prime bought the SRP lot for over P2 billion. After a down payment of P677.4 million, it would shell out quarterly payments over six years at five percent annual interest.
Source: Philippine Daily Inquirer, 28 September 2010
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