SRP, northern Cebu projects to cost SM Prime some P21B

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Thursday, January 14, 2010

SM PRIME Holdings Inc. (SMPHI) is expected to pour in new investments amounting to a total of P21 billion in Cebu over the next eight years.

SMPHI president Hans Sy revealed this during an interview yesterday, following the formal signing of contracts for the firm’s purchase of a 30-hectare property at the South Road Properties (SRP).

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The P20 billion of the new investments to come in will be used to fund its mixed-use development at SRP, which is seen to be completed in eight years.

The remaining P1 billion will be used to fund the mall project that SM is putting up in northern Cebu, which is expected to break ground in the next six months.

The SRP project and the one in the north will be built simultaneously.

Sy said the development should break ground before the start of this year’s rainy season.

“We are taking advantage of putting a mark here in Cebu…we (are looking at) duplicating in Cebu what we have done in Manila,” Sy said.

Although there are still final changes to be made to its development plan, Sy said the first project that will come in at its SRP property is the mall, which is going to have a gross floor area of 250,000 square meters.

The development will be patterned after the SM Mall of Asia in Pasig City, where after the mall started its operations, other developments followed.

At its SRP project, Sy said the company plans to put up a convention center and two hotels.

Two to five years following the completion of the mall, Sy said the company will put up a high-rise residential project, a school and a hospital.

In the next two months, SMPHI is expected to launch the name of its development at SRP. Sy said the name will have “something to do” with the ocean view at SRP.

Meanwhile, Sy said the Radisson Blu Hotel, which sits right next to the SM City Cebu in the North Reclamation Area, will “definitely open in June.”

“It was larger than we thought. It has 400 bedrooms and it is one project that will make Cebuanos proud,” Sy said.

He added that the Radisson Blu turned out “better than the five-star hotels in Manila.”

The hotel is already 95 percent complete and the turnover of operations is scheduled in March, when the training of the hotel staff will begin and run for about two to three months.

For the whole Radisson Blu project, SMPHI has already spent at least P2.8 billion.

Srp northern cebu projects cost sm prime some p21b

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