SM Prime opens P7-billion Cebu arena

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 company said marks the next phase of its integrated development in the area.

The property developer formally introduced the arena to trade, industry, and corporate partners on Thursday.

“Cebu has long been one of the country’s most dynamic markets. With this arena, we can bring more Filipino and international acts to the Visayas and strengthen the region’s place in the live entertainment circuit,” SM Prime President Jeffrey C. Lim said in a statement.

The arena 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 arena spans more than seven hectares (ha) of gross floor area and can accommodate up to 25,000 guests.

It features a center-hung display system for sports, concerts, 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 arena 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 part of our long-term vision for Cebu. By creating a world-class platform for live entertainment and large-scale gatherings within SRP, we give local and foreign tourists another reason to visit and stay longer,” Mr. Lim said.

SM Prime shares fell 1.74% to P18.10 apiece on Thursday. — Alexandria Grace C. Magno