PROPERTY giant SM Prime Holdings, Inc. yesterday turned over an P81-million check to acting Cebu City treasurer Diwa Cuevas as partial payment for the 30-hectare property it acquired at the South Road Properties (SRP).
The company is building the SM Seaside Complex, which is set to open in the third quarter this year.
Cuevas said the check covered the developer’s amortization for the third quarter of the year.
The check was handed over by SM City Cebu mall manager Sherry Tuvilla.
Three more quarterly payments are scheduled until January 2016 for the P2.7-billion property.
At the heart of the complex is SM Seaside City Cebu, a mall that is set to become the third biggest SM mall in the country, after Megamall and North Edsa.
Seaside City is SM’s second “lifestyle city” project after the Mall of Asia Complex in Pasay City.
Cuevas received the check in behalf of Cebu City Mayor Michael L. Rama.
She said the amount will go to the city’s General Fund.
“This is one of the sources of funds for our annual budget,” she said.
In a disclosure earlier this week, the developer said SM Seaside City Cebu is its biggest development this year and will have a gross floor area of 472,400 square meters.
The mall is SM’s third in Cebu after the SM City Cebu and SM Consolacion malls.
The company is eyeing to increase its total mall space by 12% or 7.3 million square meters by the end of this year.
SM Seaside Complex will be an integrated property development with malls, offices, an arena, residential buildings, a five-star hotel, convention centers and The Cube, a sculpture to provide visual drama like The Globe at the Mall of Asia.