SM Prime Holdings will unveil in November its P20-billion development masterplan for its 20-hectare sector within the South Road Properties (SRP) in Cebu City.

Company president Hans Sy said the company is currently working on details of the mixed-use development which will be centered around an SM mall which should be one of the group’s biggest. The project will immediately break ground for the first buildings, including the mall.

The mall operator’s plans come at the heels of the P25-billion development unveiled by Filinvest Land Inc. near the area. Filinvest recently broke ground for its 42-hectare Citta de Mare residential and commercial development, just beside the SM property.

“We are very excited to show to the public our plans and how big the whole thing is,” Sy said.

The SM Hotels and Conventions Corp. recently opened Radisson Blu Hotel Cebu, the first entry of the US-based Carlson hotels group in the country and the first higher upper-scale Blu branded hotel of the chain in the Asia-Pacific region.

Sy said there are plans for another upscale hotel within the SRP but he would not commit that it will still be with Carlson.

SM purchased the 30-hectare section of the 240-hectare SRP at P3.027 billion.

Sy said construction work of the 250,000-square meter mall should start first followed by several medium-rise buildings. He earlier said they are planning to build a high-rise condominium and at least two hotel towers.

Completed in 2001, the SRP has been built through a loan obtained by the city government with the Japan Bank of International Cooperation. The loan amortizations run up to 2020.