10/11/2010 [ tribune.net.ph ]
SM Prime Holdings Inc. is set to build its second mall after SM City Cebu in the province, which today is the country’s fourth largest shopping complex.
SM Prime entered into a lease contract with Everjust Realty Development Corp. for a 46,296-square meter (sqm) lot in Barangay Lamac, municipality of Consolacion.
SM Prime president Hans Sy said the signing of the lease contract is one of the first significant steps that SM Prime is taking toward completing its second mall in Cebu.
“The company considers Cebu as an ideal site for further expansion of SM malls, given its strategic role in the Visayas region and its strong export capability. It is also an ideal tourism destination and a take off point for island hopping by ferry to other destinations,” he said.
The mall that will be constructed on the leased property will be named SM City Consolacion Cebu with an estimated gross floor area (GFA) of 57,436 sqm which is scheduled to open by the fourth quarter of 2011.
For the rest of 2010, SM Prime will be opening SM City Calamba, the third SM mall in the province of Laguna, and SM City Novaliches in Quezon City and is also set to open its fourth SM mall in mainland China, which will be located in the city of Suzhou.
By year’s end, the company is expected to have 40 malls in the Philippines, with a total GFA of 4.8 million sqm. Danessa O. Rivera
______________________________________________________________
