SM Seaside Complex now 20% complete

CEBU, Philippines - SM Prime Holdings vice president for Visayas and Mindanao Marissa Fernan announced that the company’s focus now for this year is on opening the “SM Seaside Complex” which is also one of the most awaited development that would change the urban landscape in Cebu.

“Our efforts and resources are now directed to opening the Seaside City. The finishing and sourcing of new retail concepts will take time,” said Fernan in an interview.

The retail component of the integrated development, promises to bring in new retail concepts to Cebu market. For this reason, Fernan said the management is now on looking for possibilities of partnering with new retail concept businesses abroad, including those that are based in Asia.

Aside from new retail concepts, the management is also now busy making presentations to prospective partners in other components of the development, such as the operators of school, hospital, hotel, among others.

For hotel component, although SM Holdings has existing partnership with Carlson Rezidor Hotels and Resorts through Radisson Blu Hotel in Cebu, and one property in Davao, Fernan said the hotel component at the Seaside City may not necessarily be another Radisson.

In an earlier interview with SM Prime Holdings president Hans Sy, he said that the company has made adjustments to its destination mall project at SRP, in terms of budget allocation to P8.5 billion, from original budget of P6 billion.

According to Sy  while the company is building not only a shopping mall facility, but a “destination mall”, that every Cebuano should be proud of, the company’s management decided to make it Cebu’s newest landmark, making it the fourth biggest mall in the world.

The decision  he said is prompted by the vibrant retail and tourism industries in Cebu, and that the schedule for completion of the SRP SM that will be the flagship project of the  “SM Seaside Complex” is on track, that will be officially be opened by 2014.

“We have to build it right. It will be an attraction,” said Sy adding that the mall will be built on a four-story building, of which total space area will reach to 409,000 square-meters similar to the size of the Mall of Asia in Manila.

The mall “SM Seaside City Cebu” will be one of the first developments in the master-plan of SM Properties, which stretches from the northern part of the SRP to the sea.

Designed by Arquitectonica, an international architecture, interior design and planning firm from Miami Florida, the grand, first-of-its-kind urban development at the SRP will dramatically change the landscape of the City with its nautilus-inspired design of expanding, concentric arcs from a central multi-purpose space.

The SM Seaside City Cebu will be a 4-level, circular-shaped, world-class retail mall with multiple anchors, including a two-story SM Department Store and SM Hypermart, a five-theater Cineplex and IMAX Theatre, an 18-lane SM Bowling and Amusement Center, and a food court flanking an ice skating rink.

In addition, the mall will have over 800 food and retail shops, including international brands.

Retail shops will occupy the outer arc of the mall on the ground floor. This area will include a furniture zone as well as a fashion boulevard to showcase the talent of Cebu’s many local designers.

The introduction of the SM Seaside City Cebu promises to revolutionize the malling experience not only in Cebu but in the whole country’s south.

A 150 meters Iconic Viewing Tower will be an attraction in itself, offering sensational panoramic views of the entire city of Cebu while serving as a new landmark for the City.

The company is allocating a capital expenditure (capex) of P60 billion in the next three years in the Philippines for its shopping centers construction projects. Aside from its aggressive expansion move in Cebu, the company is also spending to open up new shopping malls in other provinces.

Sy expressed strong confidence of the country’s retail sector, saying the country’s economy offers promising future, despite the external issues.

Meanwhile, Sy believes that while he known as “catalyst”, he agreed to the fact, that once SM projects will finally rise at the SRP, the cost of the entire property is seen to increase its value significantly.  (FREEMAN)