CONSOLACION, Cebu, Philippines — Construction has begun for SM Prime Holdings Inc. (SMPHI)’s second mall in Cebu with the company reportedly pouring at least P1.2 billion for the entire development.

“We are excited for this project,” declared SMPHI President Hans Sy, even as he observed that “Cebu’s booming retail sector makes it a perfect time to put another mall here.”

The second SM mall to be built in by SMPHI in Cebu will be located Consolacion town, in northern Cebu. Sy said the three-level project will cost P1.2 billion, with the company starting out by rebuilding an old from a demolished one.

“The original plan was to only build a two-storey mall but we got too excited with the project and we decided to add a third level,” he said.

The mall will take up 70,000 square meters and Sy said they are hoping to finish it by the end of the year.

A third mall is being targeted by SMPHI in Cebu by 2013 at the South Road Properties and Sy said this will be its second biggest “Super Mall,” after the SM Mall of Asia in Manila.

Said third mall, which had already been officially launched early last month, is dubbed SM Seaside City, with a total land area of 270,000 square meters and which is estimated to cost P4.5 billion. (Malou Mozo)