MANILA, Philippines — The Sy family’s SM Prime Holdings Inc. has officially received from the city of Pasay a notice to proceed (NTP) with its 360-hectare reclamation project within the city.
SM Prime, one of the largest integrated property developers in the country, is the proponent of the project.
Under the plan, the new reclamation project will be connected to the Mall of Asia (MOA) complex, which is also a reclaimed-land project of both parties that was turned into a vibrant business district featuring world-class mall, offices, residences, entertainment arena, five-star hotel, and convention center.
SM Prime, as the joint venture partner of the government of Pasay will undertake to develop the actual raw land reclamation and horizontal development works.
The company has finalized the 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, SM Prime president Jeffrey C. Lim said.
“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,” he said.
The project is estimated to have a development cost of P100 billion.
The property spans the cities of Pasay and Parañaque as part of the continuing development of the area near Manila Bay, which is now considered as the next big thing in Metro Manila.
It is envisioned to be complete with everything a city should have.
The SM Group has earlier contracted New-York listed firm Aecom Technology Corp., one of the world’s largest engineering companies, for the project’s master planning.
Land reclamation is expected to take three to five years, proponents said.
Construction of the 100-hectare MOA complex started in the early 1990s, but the mall opened only in 2006. The mall itself is considered among the biggest malls in the world.