SM Prime Holdings eyes three more malls in Cebu

CEBU, Philippines - SM Prime Holdings Inc., the conglomerate that owns and manages SM shopping malls in the country is currently negotiating with three properties here in Cebu for possible sites of three new malls.

“We are still in the middle of negotiations but we will come out with some good news towards the end of the third quarter because we should be closing some deals by then,” said SM Prime Holdings president Hans T. Sy in an interview.

He also said that the three new properties will hopefully include the South Road Properties (SRP) site. After SM Prime Holdings close the deals for the three new sites in Cebu this third quarter, they are targeting to construct the malls simultaneously within 18 to 30 months so that it will be ready for operation by 2011.

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