Looking at the prospect of building a business complex that will become a one-stop-shop destination for both foreign and domestic tourists here in Cebu, SM Investments Corporation (SMIC) will be embarking on a new investment venture with the construction of a convention center right next to SM City Cebu.
In a press conference on the Radisson Hotel Cebu last Monday, SMIC Hotel Investment Group SVP Merril F. Yu revealed the conglomerate's plan to build a smaller version of SMX Convention Center in Manila at Cebu City’s North Reclamation Area.
Yu discussed that the proposed convention center will measure about 8,000 square meters and will hold 4,000 square meters of exhibition space and 3,500 square meters for other functions.
Although Yu did not disclose the company’s exact budget allocation for the construction of the project, Yu discussed that the convention center will be composed of three levels and will surely have ample space for parking.
He said that they are also considering tapping Cebu’s world-class furniture industry for the convention center’s furniture requirements.
This proposed project is targeted to be completed by the end quarter of 2010 in which design development will cover six months while building development will run for 18 months.
The convention center will rise just next to the Radisson Hotel Cebu, where the old parking area of SM City Cebu was.
"We want everything to blend in together and add value to our existing developments within the area. It will provide both domestic and international travelers a one-stop-shop experience because we provide them with everything they need at a walking distance. There is the hotel where they can stay, the convention center where they hold their events and the mall where they can shop," said Yu.
SM Prime Holdings vice president Marissa Fernan said that SM owns about 18 hectares of lot property at the North Reclamation area where their mall is situated.
She said that the company envisions to create a complex that is similar to that of the SM Mall of Asia complex in Manila Bay.
Fernan even revealed SM’s plan to rename SM City Cebu to refer to its one-stop-shop concept once the proposed convention center project and the Radisson Hotel Cebu starts operations.
"Cebu is a very vibrant market and this development shows our bullishness in the area. But we will also do the same developments in our other mall sites all over the country," she said. —Rhia de Pablo