SM Prime Holdings (SMPH) plans to raise its investment for SM Seaside City in South Road Properties (SRP), Cebu by up to PHP 30 billion, from the original PHP 20 billion.
SMPH’s Hans Sicat said the extra capital was driven by strong demand.
The 30ha. will cover a mall, 5-star hotel, convention center, high-rise offices, residential buildings & events center.
The mall is slated to commercially open by year-end, while the entire complex would take 5-6 years to complete.
SMPH also confirmed on-going talks for its purchase of supermarket chain, Cherry Foodarama, to expand its footprint in the local retail industry.
Cherry Foodarama is one of the first supermarkets in the country, & owns branches in Congressional Ave, Marcos Highway & Shaw Boulevard.