SM offers to reclaim Mla Bay area

MANILA, Philippines - SM Land Inc. of retail magnate Henry Sy has offered to reclaim a 300-hectare property along Manila Bay in Pasay City for P54.5 billion.

Based on an unsolicited proposal submitted to the Public Private Partnership Selection Committee (PPP-SC) of the local government of Pasay, SM Land offered to reclaim and develop approximately 300 hectares of foreshore and onshore areas of Manila Bay located at the western part of Pasay.

The Sy firm offered to fully finance the project including the costs of all necessary permits and clearances from government agencies as well as other expenses to comply with all government and legal requirements.

The development would be undertaken through a joint venture agreement with the Pasay City government that has authority, rights, and privileges to undertake reclamation project in its jurisdiction under existing laws.

Of the total land to be reclaimed, SM Land said 51 percent or 153 hectares including roads and open spaces would be allocated to Pasay City.

The property development arm of the Sy empire committed to finish the project within seven years.

Pasay City administrator Dennis Bernard Acorda said interested parties have until Oct. 4 to submit counter-proposals to the unsolicited proposal submitted by SM Land.

To be entitled to submit counter-proposals, Acorda said that interested parties should have undertaken and completed a similar reclamation project with an area of not less than 120 hectares preferably within the Manila Bay area.

Acorda said interested parties should have a minimum net worth of P50 billion.

Acorda added that interested parties should be able to show proof such as certification from banks or the Bureau of Internal Revenue (BIR) that it could raise the funding needed to complete the project.

SM Land offers competitively priced real estate and business solutions to its clients through its portfolio of projects and services. These include property management, building, and leasing of commercial and office spaces.