PHILIPPINE NEWS SERVICE — SM Investments Corp. is building a sports stadium in the SM Mall of Asia complex in Pasay City that will compete with the country’s biggest sports and entertainment arena, the Araneta Coliseum in Cubao, Quezon City.
SM Investments first executive vice president Hans Sy told reporters the company would initially start construction of the parking building in preparation for the sport stadium.
The proposed sports stadium will have a capacity of 15,000 seats and host basketball games, boxing contests, concerts and other sports and entertainment events. SM Investments said it would build the arena on a two-hectare area.
Construction of the stadium is scheduled be completed by 2010.
Sy declined to say the estimated cost of the stadium.
Sy said the company was inspired to push through with the establishment of a sports stadium within the Mall of Asia complex following the success of the SMX Convention Center.
Sy said unlike the Araneta Coliseum, which was shaped like a dome, the sports stadium would have a cylindrical shape.
Araneta Coliseum, which has a seating capacity of 25,000, is currently the largest indoor facility in Southeast Asia, with a dome diameter of 108 meters.
Nicknamed “The Big Dome,” it hosts sporting and entertainment events in the country.
Construction of the Araneta Coliseum started in 1957 and ended in late 1959. It occupies a total land area of almost four hectares and has a 2,300-square meter floor area.
The Araneta Coliseum embarked on a P250-million renovation in 1999. The renovation includes a complete back-of-the- house overhaul with the construction of a plush locker, dressing, production and press rooms. All the seats for the premier sections in the patron and lower box areas were replaced.
The Aranetas installed a new catwalk to accommodate the most technically demanding event setups, in addition to housing a four-sided center hung scoreboard, the only one of its kind in the Philippines.
The Sy family, meanwhile, plans to construct its 2Ecom, the second office building catering to business process outsourcing companies.
SM Investments is also lining up two hotel projects within the Mall of Asia, namely Regent and Radisson Hotels.
The Mall of Asia complex is a 60-hectare property being developed by SM Investments into a premier business and tourism destination.