SM PRIME HOLDINGS, Inc. has expanded its South Road Properties (SRP) estate in Cebu City with the opening of the P7-billion SM Seaside Cebu Arena, which the corporate said marks the following phase of its integrated development in the realm.
The property developer formally introduced the sector to trade, industry, and company partners on Thursday.
“Cebu has long been one among the country’s most dynamic markets. With this arena, we will bring more Filipino and international acts to the Visayas and strengthen the region’s place within the live entertainment circuit,” SM Prime President Jeffrey C. Lim said in an announcement.
The sector has direct access to SM Seaside City Cebu and the upcoming SMX Convention Center Seaside Cebu, Park Inn by Radisson, and Radisson Hotel.
“More importantly, this investment will generate economic opportunities for local entrepreneurs and nearby communities,” Mr. Lim said.
Designed by global architecture firm Arquitectonica, the sector spans greater than seven hectares (ha) of gross floor area and might accommodate as much as 25,000 guests.
It contains a center-hung display system for sports, concert events, and other live events.
The venue also has 30 Premier Suites above the VIP sections. Each suite can accommodate 13 to 31 guests and includes dedicated VIP lounges, a café, and an exclusive entrance.
SM Prime said the sector will open its major events calendar with the BINI Signals World Tour on July 11.
Other scheduled events include performances by IV of Spades, TJ Monterde and KZ Tandingan, Hillsong Worship, and LANY.
“This arena is an element of our long-term vision for Cebu. By making a world-class platform for live entertainment and large-scale gatherings inside SRP, we give local and foreign tourists another excuse to go to and stay longer,” Mr. Lim said.
SM Prime shares fell 1.74% to P18.10 apiece on Thursday. — Alexandria Grace C. Magno