Exciting news! SM PRIME HOLDINGS, INC. is pouring P3.6 billion into creating a fantastic convention center in Cebu. They’re counting on the growing demand in the province\u2019s MICE (meetings, incentives, conventions, and exhibitions) sector, as stated in their recent stock exchange release on Thursday.<\/p>\n
The shiny new SMX Convention Center Seaside Cebu will be a six-story marvel, offering a whopping 21,000 square meters of great leasable space and seating for up to 18,000 guests.<\/p>\n
Set to open its doors in late 2026, this venue will be located in South Coast City, part of SM’s ambitious 26-hectare estate in Cebu, which aims to become a prime business and lifestyle hotspot in the Visayas.<\/p>\n
With this addition, SMX will boast a total of 80,000 square meters of event space across the Philippines.<\/p>\n
SM currently has eight convention centers nationwide, including SMX Manila in Pasay, SMX Aura in Taguig, SMX Clark, SMX Davao, SMX Bacolod, SMX Olongapo, Skyhall Seaside Cebu, and Megatrade Hall in Mandaluyong.<\/p>\n
They’re also working to finish the SMX Center for International Trade and Exhibitions (SMXCITE) trade hall in Pasay City by 2027.<\/p>\n
\u201cAfter the recent tough times, we hope SMX Seaside Cebu will help revitalize tourism and business in the province,\u201d said Peggy Angeles, Executive Vice-President of SM Hotels and Conventions Corp., in a statement.<\/p>\n
Cebu\u2019s economy grew by 7.3% in 2024, outpacing the national growth rate of 5.7%, according to local stats. However, the tourism sector faced challenges due to recent earthquakes and typhoons.<\/p>\n
SM Prime assures that the convention center will adhere to updated building codes and seismic safety standards, featuring emergency exits, assembly areas, and robust communication systems.<\/p>\n
They will also carry out regular structural inspections, evacuation drills, and training for their staff to ensure everyone’s safety.<\/p>\n
Even before it’s built, several trade events have already lined up to take place at the venue, including Philconstruct Cebu in 2026 and Wofex Visayas in 2027.<\/p>\n
In the third quarter, SM Prime reported an 8% increase in net income, reaching P12.8 billion, partly thanks to a 9% rise in hotel and convention center revenues to P6 billion.<\/p>\n
SM Prime stocks moved up by 35 centavos, closing at P22.80 on the local market. \u2014 Beatriz Marie D. Cruz<\/b><\/p>\n