SM Prime Holdings Inc., the largest integrated property developer, is set to open the P7.5-billion SM Seaside City Cebu, the company’s fourth largest mall development in the country, on Nov. 27.
 
SM Supermalls president Annie Garcia said mall spaces in SM Seaside City Cebu were already 65 percent leased out and would be 70 percent rented during the opening.
 
“We will have a blessing on Nov. 26 but Nov. 27 will be the actual opening of SM Seaside City Cebu,” Garcia said.
 
SM Seaside City Cebu is a four-level circular shaped mall with a gross floor area of 470,000 square meters. It is situated within the 30-hectare Cebu South Road Properties also being developed by SM Prime.
 
The development of SM Seaside complex was patterned after the 60-hectare SM Mall of Asia Complex in Pasay City. Aside from a huge shopping mall, the complex will  have a convention center, hotel, business process outsourcing office buildings and a sports/concert arena.
 
SM Seaside City Cebu is one of the three malls that SM Prime is scheduled to open in the second half of the year. The two others are SM Sangandaan and SM Cabanatuan.
 
The Cebu center will be the fourth largest shopping mall of SM Prime in the country after SM Megamal, SM North Edsa and SM Mall of Asia Asia. It will also be the second SM shopping mall in Cebu after SM City Cebu was opened in 1993.
 
Meanwhile, SM Prime plans to unveil before the end of the year the integrated master plan for the Pasay and Parañaque reclamation projects worth P100 billion.
 
SM Prime president Hans Sy said the company introduced some changes in the master plan to incorporate more open spaces in the project.
 
The company is confident of defending the reclamation project to various government agencies.
 
“By the end of the year we should be able to do something. We really want to defend it,” Sy said.
 
“Since its is a 600-hectare development, we are focused on the transportation system. We want to come up with a city wherein you won’t need a car. It will be pedestrian friendly,” he said
 
Sy said the company would allocate 30 percent of the total area to open spaces.
 
SM Prime last year bagged the 300-hectare Pasay reclamation project and another 300 of hectare of reclaimed land in Parañaque.
 
It tapped the services of Aecom, the world’s largest engineering design conpany, to do an integrated master plan for the two projects.