Filipino mall developer SM Prime will replicate its ‘Mall of Asia’ in Cebu.
SM will earmark 5 billion pesos (US$121.5 million) to open a new lifestyle mall called ‘Mall of Asia in the South’, slated for opening in 2015.
The new mall, which would be SM’s third in Cebu, will be part of mixed-use development called SM Seaside City that will consist of a convention centre, residential condominiums and a hotel.
It will span around 400,000 sqm.
EVP and CFO Jeffrey Lim said Cebu is now ready to host a premier shopping centre because it is a progressive and developed city.
Earlier this year, SM Prime said it will allot 88 billion pesos to develop new shopping malls locally and overseas until 2015.
It just recently opened its 47th mall in the Philippines in Taguig City. During the remainder of the year, it will open another mall in Cauayan, Isabela, taking its mall count to 48 in the Philippines and five in China.
