MERGED: South Road Properties (SRP) News, Issues, and Developments

[sizzlingROBOT]

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If ma presidente ug mu.visit sya sa SRP tunnel, I hope dili mu.sulti si Noy2x "Ang laki nang kanal ah."

Si Noynoy unta mag formal Opening ani nga Tunnel kay project maning tomas .... si GMA wa may hinungdan wa may nahimo .... maau pa si Nonoy abnoy pa ....

[paul_cs25]

huh? lapu-lapu to cordova?

di man tingali na kinahanglan subway diha nga route oy.

mag-unsa man intawn mi sa cordova, manguha'g bakasi?

wahahaha kalami anang bakasi bai oi..pasustansya nah..btaw going back to d topic no need naman cguro butangan ug subway fr lapu2x to cordova..hehe daghan man access padulong diha vice versa...

[paul_cs25]

kadungog ko sa akong officemate ana bai kang tomas daw na nga project!! nindot ni bai makatabang ni pohon sa traffic!!

[leonell]

SM Prime allots P4.5B for Cebu mall: Developer plans another mall in southern province

Written by Miguel R. Camus / Reporter
Tuesday, 04 May 2010 19:54

SM Prime Holdings Inc., the country’s largest mall developer and operator, is preparing a multibillion-peso spending program to start the construction of two new shopping centers in Cebu this year.  

SM Prime president Hans Sy told the BusinessMirror the company is allotting P4.5 billion to build the larger of the two malls which will rise on the recently acquired 28-hectare lot within the reclaimed 240-hectare South Road Properties (SRP) in Cebu City.

The new SRP mall, still unnamed at this point, will feature 250,000 square meters (sq.m.) of gross floor area; much larger than SM City Cebu which opened its doors to the public in 1993.

Sy further disclosed that the company is signing “very soon” a deal to develop another property in the island. He said SM Prime is already drawing up plans to build a mall with 50,000 sq.m. of gross floor area. He refused to disclose further details.

Both malls are expected to start construction within the second half of the year.

“The [SRP mall] should be completed by 2012. It will be similar to the SM Mall of Asia [in Pasay City],” Sy said in a recent interview. He added that the second location could be completed sooner.  

What will eventually amount to three SM malls in the fast-developing Visayan province may not be enough for the shopping center giant, he added.  

“There is opportunity to have some more malls. Cebu is a very strong area in terms of  [sales] performance,” shared Sy.

The P4.5-billion budget for the SRP mall represents almost a quarter of the P20-billion spending program that SM Prime has allotted for its SRP development project over the next eight years.

Apart from the shopping center, also being planned are a 60,000-sq.m. convention center as well as hotels and condominium buildings possibly to be constructed under SM Development Corp. (SMDC), the listed middle-income condominium developer of the SM Group.

In a separate interview, SMDC president Rogelio Cabuñag said while almost all its projects are in Metro Manila, it is open to building in Cebu.  

“[SM Prime] has been offering us this Cebu project, [so] we will take a look [at it]. The project will probably be located somewhere close [to the SRP mall]. But they should have the mall before we start moving in,” Cabuñag told the BusinessMirror.

SM Prime is also exploring “possible partnerships with interested parties for other developments outside the mall.” The SRP property was acquired for P11,000 per sq.m. for a total price of almost P3 billion.

Apart from SM Prime, Filinvest Land Inc. also owns a property within the SRP site.

SM Prime last week announced a 10-percent increase in its first-quarter net income to P1.9 billion while revenues grew 15 percent to P5.4 billion. Rental fees continued to account for the largest share, or P4.6 billion of the earnings.

This year, SM Prime plans to spend P12 billion to launch four new malls in the country and one in China.

The company expects to have a total of 44 malls by the end of the year, of which 40 will be in the country and four in China.

[Eiso]

pag agi nko ganina.. ala nay concrete barrier sa sa road going to the tunnel...

[Clara Ignashia]

excited na baya ko maka.agi anang underground tunnel dha pdung sa SRP... ngano dugay man lang kaayo to nahuman??.. murag 1st year college pa ko ato na gisugdan to.. karon mag 4th yr. nako la pa jud nahuman... T_T..

[JAINI]

xcited na kaayo me mahuman ni tanan development sa srp kay pabor kaayo namu sa talisay..

[PridE]

^^ actually, humana ang tunnel, sumpay na jud na from end to end. Finishing nalang na ilang gibuhat, like suga, camera etc.

Hope ma.open na na sa public by may, pero i doubt it, murag after election na na nila i.open..

[darsmith13]

excited na baya ko maka.agi anang underground tunnel dha pdung sa SRP... ngano dugay man lang kaayo to nahuman??.. murag 1st year college pa ko ato na gisugdan to.. karon mag 4th yr. nako la pa jud nahuman... T_T..

same here sis.. mu 4th yr nasad ko wa japon na nahuman.. naa man to billboard dra saona nga ang target date of completion is june 2009 or 2010 bato.. asa naman?

[raski]

Sus kabackward na jud nato uy, proud kaayo.. underground tunnel ra diay.