SM Prime president Hans Sy said they will build a new mall that should be among the top 10 biggest malls in the world, a convention center and a chain of sky-rise hotels and condominium buildings. Two to five years following the completion of the mall, Sy said the company will put up a high-rise residential project, a school and a hospital. He said the whole development will be completed in eight years.
Although the contract with the city stipulates SM to build within 18 months, Sy said construction work will commence by the middle of 2010 for the 250,000-square-meter mall and the 60,000 square-meter convention center.
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SM Prime Holdings president Hans Sy turns over to Cebu City Mayor Tomas Osmeña the initial payment of P406 million for a portion of SRP to the city government as other city and SM officials look on following the signing of the agreement yesterday. CYRIL CAMPOREDONDO
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