Saturday, September 13, 2008 SM mall undergoes facelift; firm to introduce 3D cinema to Cebu
STILL upbeat about the local economy, SM Prime Holdings Inc. (SMPHI) is renovating its mall in Cebu City to compliment its adjacent hotel.
SMPHI vice president for marketing Marissa Fernan said the renovation began after a three-day sale at the mall early this month.
Fernan said the renovation work will involve the Fiesta Strip, which will be given a facelift consistent with the al fresco dining area of the SM Northwing.
SMPHI will also introduce Imax (Image Maximum) cinema technology in Cebu. The company will convert the existing Cinema 4 at SM City into an Imax theater that shows three-dimensional movies and hopes to open the facility in the middle of 2009.
“The Imax is very complimentary with the hotel and the convention center. (It) will also cater to regional travelers,” Fernan said in an interview last Monday.
Without giving figures, she said the cost of putting up an Imax theater in Cebu would be higher than what the company spent for the same facility at the Mall of Asia in Pasay City.
But she said this is mainly due to the increase in the prices of goods, including construction materials.
Fernan also revealed that revenues from the three-day sale this month were 30 percent higher than that of a similar activity last year.
SM Investment Corp. (SMIC) has picked Radisson Hotels and Resorts of Carlson Hotels Worldwide to operate the hotel located next to the SM City mall at the North Reclamation Area in Cebu City.
SMIC hopes to open the 20-story hotel, which would carry the Radisson brand, in March 2009.
SMIC is also planning to construct a convention center near the mall and hotel.
Fernan said SMPHI is also looking for new areas to invest in.
She said SMPHI has considered South Road Properties (SRP) as a possible site for a shopping mall but it has not made any final arrangements with the Cebu City Government.
The company is also looking at potential sites in northern Cebu.
Fernan said the property the company is looking for should have an area of about five to seven hectares and must be situated near a main road. The company also prefers an area that has a “sizeable population.”
She said SMPHI is looking at expanding its affiliates, like supermarket brand Savemore, in Cebu. Savemore has three branches in Cebu. (DME)
