Up to 10,000 employed by new mall – SM exec

CEBU, Philippines – Up to 10,000 people are employed by SM Seaside City at the South Road Properties in Cebu City, SM Prime Holdings President Hans Sy disclosed.

This number includes those employed by the mall’s tenants, Sy said in an interview late Thursday. SM Seaside City is the company’s newest mall, the biggest in southern Philippines.

Sy said the mall’s department store alone has 4,000 workers.

To build the mall, the company employed at least 10,000 construction workers, Sy said. He admitted, though, that the construction was not free of challenges like shortage of laborers brought about by the construction boom in Cebu.

Aside from employment, Sy also hopes SM’s newest and third mall in Cebu, situated within the 30-hectare SM Seaside Complex at the SRP, will attract more tourists to Cebu City.

“We should be able to attract a lot of people, and the kind of attraction we’re trying to do is not only for Cebuanos but also tourists,” he said.

He hinted that there is a possibility for the company to open one more mall here, albeit saying, “Malaki pa ang future ng Cebu but ayaw ko munang mag-commit.”

Sy expressed confidence on Cebu’s economic prospects, saying this is the reason why SM Prime, the property holding firm of tycoon Henry Sy, has been investing a lot here.

“First, we have a positive gut feel [toward] Cebu. Second, all our businesses are long-term. You can’t go wrong on long-term,” Sy said.

He noted that Metro Cebu is one of the firm’s important growth corridors in Visayas and Mindanao.

Meanwhile, Teresita Sy-Coson, vice chairperson of SM Investments Corp. (SMIC), said, “I think a lot of attention has been focused on Cebu so I’m sure that with the further developments in this part [of the country], I’m sure there would be more foreign and local investments coming into Cebu.”

SMIC is the holding firm of the Sy family and has core businesses in retail, banking and real estate. — Carlo S. Lorenciana/JMO (FREEMAN)