SM Prime Holdings Inc., (SM Prime) said it expects to connect the360-hectare reclamation project it recently got from the city government of Pasay with its Mall of Asia Complex.
The Sy-led property group over the weekend said it formally received the notice to proceed from Pasay City for a reclamation project it offered to do within the city’s municipal waters.
“This new reclamation project in Pasay City will be connected to the Mall of Asia (MOA) Complex, which is also a reclaimed-land project of both parties, and turned into a vibrant business district featuring world-class mall, offices, residences, entertainment arena, five-star hotel, and convention center,” the company said.
SM said it will undertake to develop the actual raw land reclamation and horizontal development works, as part of its role as partner.
The company said it has “finalized selection of consultants and contractors from a roster of reputable companies with proven global reclamation and dredging experience to ensure proper and responsible implementation of the project.”
“We have complied with all the requirements of national agencies and secured all the required permits and clearances to enable SM Prime to commence with the reclamation project. We expect thousands of job opportunities to be generated in the process, and to also contribute significantly to both local and national development,” Jeffrey C. Lim, SM Prime president, said.
The project was originally proposed in 2014.
In 2017, online stockbroker Colfinancial.com said the reclamation could run for seven year, while pegging the redevelopment cost at P56 billion. The Pasay reclamation is part of a two reclamation project proposal SM Prime offered to two cities — Pasay City and Paranaque City — that if completed will give SM Prime with an additional 660-hectare landbank in its Bay area development.