The budget of property giant SM Prime Holdings Inc. (SM Prime) for its seaside complex in Cebu for this year  alone will amount to nearly P6 billion as the group approaches its 2015 target opening.

Out of the P25-billion fresh capital to be raised by the group, SM Prime specified that it will use majority of this to its mall expansion nationwide, of which P5.6 billion alone is allocated for SM City Seaside Cebu.

Launched in the fourth quarter of 2011, SM City Seaside Cebu is set to open in 2015.

SM Prime got its regulatory approval from Securities and Exchange Commission (SEC) earlier this month to proceed with its maiden bond sale where it intends to raise as much as P25 billion.

SM Prime is particularly planning to issue P15-billion worth of fixed-retail bonds with an oversubscription option of up to P10 billion.

In its prospectus earlier filed with the SEC, SM Prime said once it raised the initial P15 billion from the offer, it will spend P2.1 billion of this for the SM City Seaside Cebu during the third quarter of this year alone, and another P2.7 billion will be spent in the fourth quarter for the same project.

Once the additional P10-billion overallotment option is subscribed, additional P800 million will be automatically added to SM Prime’s budget for SM City Seaside Cebu in the fourth quarter of this year.

Regarded as one of the world’s largest shopping malls, SM City Seaside Cebu has a gross floor area of approximately 472,400 square meters and houses major anchor tenants like The SM Store and SM Hypermarket.

The enlarged SM Prime is now the holding firm for the mall, residential, office, and leisure businesses of the country’s richest man Henry Sy.

Once the company capped its P25-billion bond sale, this will mark the company’s first time to tap the debt market for fundraising.