MANILA, Philippines - Property giant Ayala Land Inc. (ALI) remains keen on pursuing a 300-hectare reclamation project in Pasay as it expressed its intent to join the planned auction of state-run Philippine Reclamation Authority (PRA).
“We are interested. Of course we have to take a look at the terms of reference,†ALI chief operating officer Bernard Vincent Dy told reporters yesterday.
ALI is particularly looking at addressing any environmental issue related to the reclamation project, he said.
“Assuming that the terms of reference are basically in line with making sure that [the reclamation] is done in the environment-friendly way as well as the process that we would like to see, then we will participate,†he pointed out.
State-run PRA was reportedly looking to bid out the rights to reclaim a 300-hectare property adjacent to the Mall of Asia and Entertainment City complex.
The SM Group late last month formed a joint venture with the Pasay City government for the project. In September, SM Land submitted an unsolicited proposal to the Pasay City government to reclaim the property along Manila Bay in the next seven years for P54.5 billion.
However, the Pasay City council last week recalled its approval of the P54.5-billion deal to correct the issues raised by other interested parties like ALI and S&P Construction Technology and Development Co.
“As I understand, PRA has basically the rights to reclaim land so I guess it’s a very important process for them to bid it out and basically, solicit the best possible proposal for the best interest of the country and the people,†Dy said.
He said the company expects the partnership of SM Group and Pasay City to be one of the bidders for the PRA. 300-hectare Manila Bay property and make it one of the country’s most modern business, residential, and recreational district.