CEBU CITY — SM Prime Holdings Inc. wants to undertake more large-scale integrated developments across the country following the opening of a new arena at SM Seaside City Cebu, with senior executive Hans Sy saying the company remained on the lookout for similar opportunities.
The chairman of SM Prime’s executive committee told reporters late Thursday that the Cebu development was conceived about two decades ago after the company acquired a large tract in the city’s North Reclamation Area.
Asked whether more large-scale developments were in the pipeline, Sy replied: “Hopefully. This was planned 20 years ago when we had big pieces of land. But I’m sure this won’t be the last.”
“We’ve been into township development, so definitely it will be part of it,” he said, referring to more estate projects envisioned in coming years.
Sy said the late SM founder Henry Sy Sr. had long believed in Cebu’s growth potential, which led the group to expand its presence in the province.
“My father has always believed in Cebu... we [had] a small [property] in downtown [Cebu City]. And then when he had the opportunity to buy the super block in North Reclamation, [he did]. He has always believed in Cebu. And I just followed his direction,” he said.
While the SM Seaside Cebu City arena has officially opened, Sy said the development was far from complete, noting that more components are still in the pipeline.
“What you’re seeing now is only the initial [part]. We still have the residential sector. We still have the hotels that are coming. And you will see many, many more,” he said.
Sy added that SM Prime had “quite a number of pipelines going on,” although he declined to discuss specific future projects.
Asked whether another arena could rise in Cebu, Sy said the company had yet to secure another site large enough for a similar development.
“We don’t have [that] big property yet. We’re still looking for a very big property. But we might end up somewhere [else] in Cebu.”
Sy said he expected the new venue to help strengthen Cebu’s tourism industry, particularly by attracting international sporting events, and emphasized that SM Prime intended to support sports tourism, an area he believes the country has yet to fully capitalize on.
“Sports tourism is something that we have missed out [on],” Sy said. “That is one of the things that we will fully support” going forward, he continued.
He noted that organizers had already discussed hosting international volleyball and women’s basketball competitions, with the possibility of staging preliminary matches in Manila before holding championship games in Cebu.
Sy added that the new Cebu arena also incorporated improvements over the Mall of Asia Arena in Manila, including a dedicated practice court, a less-steep seating design and a larger seating capacity, making it more suitable for international events.
While SM Prime seeks to bring major international artists to the new venue, he pointed out that the company also wants performers with Filipino connections to perform at the new venue to help instill national pride.
“I wanted really everybody, the Filipinos, to be proud. That’s why I’m looking for [performers who are], one way or another, connected to the Philippines,” Sy said, citing renowned international singer Bruno Mars, who has Filipino ancestry, among the artists he hopes to bring to Cebu.
SM Prime shares on Friday surged P0.14, or 0.77 percent, to close at P18.24 each amid a 1.01 percent advance for the benchmark Philippine Stock Exchange index.
