The 30-hectare SM Seaside Complex in Cebu will be fully-developed in five years, according to Hans T. Sy, SM Prime Holdings, Inc. president.
 
“A lot of things need to be finished. By end of next year you will see some other structures going up, both residential and office,” said Sy in an interview Wednesday night ahead of today’s opening of the mall at the complex.
 
SM Prime has earmarked about P30 billion for the 430,000-square meter SM Seaside City Cebu mixed-use development, formerly called South Road Project (SRP).
 
“It is SM Prime’s 56th mall in the country, and the third mall within Cebu – along with SM City Cebu and SM City Consolacion. The new destination mall provides an additional 430,000 sqm in gross floor area (GFA), expanding SM Prime’s total retail space to 7.3 million sqm in the Philippines,” the company said in a statement.
 
It said the SM Seaside Complex “is the first of its kind in urban development in the SRP.”
 
“We are inspired by the success of our Mall of Asia Complex in Pasay City, the first lifestyle city project or mixed-use development that offers retail, residences, offices, hotels and convention centers. We are replicating this concept of ‘lifestyle cities’ in Cebu as we open the SM Seaside City mall. We see Metro Cebu as one of our important growth corridors in Visayas and Mindanao following our growth track in Metro Manila,” the company 
 
SM Seaside City will open with 80 percent of space lease-awarded.
 
“SM Seaside City Cebu is the newest architectural jewel of SM Prime with its nautilus inspired design of concentric arcs from a central multi-purpose space featuring a ‘Seaside Tower’, a 147-meter iconic viewing tower which offers a sensational panoramic view of the entire city,” SM Prime said.
 
It added that a Sky Park provides a unique setting for dining outlets situated in an elevated garden with water features. The mall will have a skating rink, eight cinemas houses and 5,000 parking slots.
 
SM Seaside complex also features “The Cube”, a steel sculpture that symbolizes strength and stability of Cebuanos and its consistency reflects SM’s continued commitment to excellence.
 
SM Seaside City Cebu is the sixth SM Supermall to be opened this year, after SM Center Sangandaan, Cherry SM Shaw and SM City Cabanatuan opened last October 23, October 13 and October 9, respectively. 
 
To date, SM Prime has 56 malls in the Philippines and six in China with an estimated combined GFA of 8.3 million sqm.