SM eyes mixed-use development of Mall of Asia complex

MANILA, Philippines- Despite the global uncertainty, SM Investments Corp., the holding company of the Sy family and the Philippines' wealthiest, on Friday announced that it will push through with the development of the vast area of the Mall of Asia Complex. In a disclosure, SMIC said it "will pursue the transformation of the 60-hectare Mall of Asia Complex into a world-class business and entertainment hub". Company officials said the first phase of the project, which will include the development of hotels and gaming facilities, will cost about P10 billion. "The plan runs in line with the group's thrust into tourism development as SM develops other projects such as Hamilo in Batangas and a chain of high-end boutique hotels, and convention centers throughout the country," SMIC said. In a telephone interview, Jose Sio, SMIC chief finance officer, said the first phase of the huge project will be for the entertainment, hotel and other facilities. "The first phase will be for three years. Initially, we'll be spending P10 billion," Sio said. He added the company will be using cash from its operations for the project's initial funding requirements. Sio said the pace of completing the project will mainly depend on the economic performance of the Philippines. The development is part of the envisioned $20-billion Pagcor (Philippine Amusement and Gaming Corp.) City along Manila Bay. The entertainment hub will have a number of hotels to be operated by leading international chains such as Radisson and the luxury Regent brand. It will also include high-end retail establishments, a mega structure that will be operated by an international casino operator, and a theater for the performing arts. There will also be a residential component and a ferry terminal that will directly link the Mall of Asia Complex with SM's Hamilo project. GMANews.TV