It's located at Megamall Building A, 2nd level, near Watson's, GAP and Promod. they'll occupy the former location of Cinderella.
This is good news for us but bad news for Multiply sellers who do pre-orders from Forever21's website, unless SM jacks up the prices, let's hope not. For sellers, you can always try Charlotte Russe, TJ Maxx, etc. =)
On the other hand, the fake Forever21 is now named HipCulture, as if anyone cares! Haha.