MANILA, Philippines - Sy-owned SM Prime Holdings Inc. will open another mall in Cebu province next year.
In a statement, the company said it entered into a lease contract with Everjust Realty Development Corp. for a 46,296-square meter lot in the Municipality of Consolacion in Cebu.
"The signing of the lease contract is one of the first significant steps that SM Prime is taking toward completing its second mall in Cebu," said SM Prime president Hans Sy.
The new mall will have a gross floor area (GFA) of 57,436 sqm, and will open by the fourth quarter of 2011.
By year-end, SM Prime is expected to have 40 malls in the Philippines, with total GFA of 4.8 million sqm.
In Cebu, the company already operates SM City Cebu, the fourth-largest shopping complex in the country.