NAGA CITY – The much awaited groundbreaking rites for the SM City Naga will take place at 10:00 a.m. of Saturday, April 28, 2007 at the 5-hectare site of the proposed shopping mall at the Central Business District II here with Naga City Mayor Jesse M. Robredo and key city officials joining the top brass of SM Prime Holdings headed by Hans Sy during the ceremonies.

        Actual construction of the mall, the first SM Mall in Bicol and the 11th in Luzon outside Metro Manila, will immediately start two or three months after the groundbreaking rites, according to sources at city hall.

        It is expected to be completed early next year, before the Peñafrancia fiesta, the same sources said.

        The mall, estimated to cost P700 to P800 million, will be a 2-storey structure with its signature SM Mall architectural design.

        Reuel Oliver, executive officer of the Naga City Investment Board said construction and operation of the mall alone could easily generate 4,000 additional jobs in favor of the city’s skilled, administrative and sales force.