SM Prime Holdings Inc. is working on the final master plan for its 360-hectare reclamation project next to its Mall of Asia Complex in Pasay City.
The company is looking to complete the sand filling activities in the area by the end of this year, said Jeffrey Lim, SM Prime president.
Speaking on the sidelines of the company’s shareholders meeting, Lim has said horizontal developments on the land will then follow.
Project completion
“Documentation for titling is in progress, and as planned, with full project handover to the national government and the Pasay City local government unit (LGU) targeted for 2028,” he said.
“We have to turn over to the government their share in 2028. So, we have to complete that project by 2028,” he added.
Lim said the final master plan for the reclaimed land, of which SM Prime is spending close to P150 billion, will be completed in the first half of the year.
“We are finalizing the master plan to allow infrastructure works to begin as soon as possible,” he said.
“If we are able to complete all of this before the end of the year then we may need to start doing some of the activities on the master plan starting next year,” Lim added.
Mixed-use devt
Hans Sy, SM Prime’s executive chairman, last year said the company aims to capitalize on the growth of the SM Group’s Mall of Asia (MOA) complex in developing the reclaimed area.
It will be built as “a modern city, taking advantage of Mall of Asia but with lots of interesting shopping ideas,” said Sy.
He said the project on the new set of land will be a mixed-use development without a big shopping center compared to the MOA complex, which also sits on reclaimed land.
