By James A. Loyola
SM Prime Holdings, Inc. (SM Prime) has officially received from the City of Pasay the Notice to Proceed (NTP) for the ₱54-billion reclamation project covering 360 hectares within the City’s municipal waters.
In a disclosure to the Philippine Stock Exchange, the firm said 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.
This will be developed into a vibrant business district featuring world-class mall, offices, residences, entertainment arena, 5-star hotel, and convention center.
As the City’s joint venture partner, SM Prime will undertake to develop the actual raw land reclamation and horizontal development works.
The Company 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,” SM Prime President Jeffrey C. Lim said.
He added that, “We expect thousands of job opportunities to be generated in the process, and to also contribute significantly to both local and national development.”
SM Prime is also pursuing a ₱50 billion reclamation project covering 300 hectares in the Parañaque portion of Manila Bay that will also be connected to the Pasay project.
https://business.mb.com.ph/2019/12/06/pasay-approves-sm-primes-%e2%82%b154-b-reclamation-project/
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