CEBU, Philippines – The SM Prime Holdings is now finalizing its deal with the property owner for the opening of the first SM Mall in the northern part of Cebu at the Consolacion area in the next two years.

In a press interview over the weekend, SM Prime Holdings vice president for Visayas and Mindanao Marissa Fernan said that the SM Cebu North project may start in 2011, as negotiation is already 90 percent complete.

This will be a smaller sized mall that will be situated within 35 thousand square-meters to 55 thousand square-meter floor area.

The SM Cebu North, may be opened first, while the company is still also finalizing its deal for opening the biggest shopping facility in Cebu at the South Road Properties (SRP).

According to Fernan, Cebu is one of the top five performing malls in the entire SM shopping mall network.

She said Cebu’s retail industry had been able to manage growth despite the recession, owing to the dynamic purchasing power fueled by OFWs (Overseas Filipino Workers), BPO (Business Process Outsourcing) workers and increasing tourism arrivals.

In fact, the SM City Cebu is one of the top five performers in terms of sales and growth this year, she said.

SM City Cebu owns about 18-hectare property at the North Reclamation Area, this already included the area where Radisson Hotel is located. The footprint of the main SM City Cebu mall has utilized about 13 hectares.

According to Fernan, the northern SM Mall project, will partner with the land owner.

Meanwhile, Fernan announced SM City Cebu will strengthen its service to the OFW market, including their beneficiaries and families through introducing a dedicated lounge for OFWs that will be opened in January 2010.

According to Fernan, the OFWs who has been the acknowledged main driver for retail sector, should be given a special attention.

The Global Pinoy Lounge at SM Cebu City will be located at the 3rd floor of the mall that will offer different services for this particular market including remittance facilities, free-consultations, free calls, among others.

“This is to recognize the value of the OFWs,” she added. Initially, the Lounge will be opened to existing advantage card members, but it will eventually be opened even to non-advantage card members.

OFW beneficiaries and families who can show a proof of remittance and identification card, can avail of the facility, she said.

SM City Cebu, is the pioneer in pampering the OFW market, even before this segment was recognized fully as one of the economic drivers for the Philippines, about 10 years ago.

Fernan said this strength of SM City Cebu will be strengthened further, in partnership also with the Overseas Workers Welfare Administration (OWWA).