By Lawrence Agcaoili (The Philippine
Star) | Updated November 6, 2013 - 12:00am
MANILA, Philippines - The Pasay City
government is set to decide today on the fate of the proposed 300-hectare
reclamation project along Manila Bay worth about P54.5 billion that is subject
to a tug-of-war between SM Land Inc. of retail magnate Henry Sy and property
giant Ayala Land Inc.
Pasay City spokesperson Jonathan
Malaya said the public private partnership (PPP) selection committee of the
city government failed to reach a decision Monday evening on whether or not to
extend the deadline for the submission of counter proposals for the unsolicited
proposal submitted by SM Land last August.
Malaya told The STAR that the
committee would meet again today.
“There are still pending issues that
are being threshed out by the PPP selection committee,” he added.
The Sy-led firm offered to fully
finance the P54.5-billion project over a period of seven years 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.
Of the total land to be reclaimed, SM
Land said 51 percent or 153 hectares including roads and open spaces would be
allocated to the Pasay City government and the Philippine Reclamation Authority
(PRA).
Malaya earlier disclosed that three
other companies including State Properties Corp. chaired by Washington Sycip,
GT Land Development of taipan George Ty, and a certain S&P Technology also
bought documents for the submission of counter proposals.
Ayala Land earlier asked Pasay City
Mayor Antonino Calixto to relax the terms of the bidding including lowering the
required minimum net worth of P50 billion as well as the provision requiring at
least a 120-hectare reclamation project preferably within Manila Bay.
The property giant also asked the city
government to extend the Nov. 4 deadline by at least 60 days.
Meanwhile, Pasay City Mayor Antonino
Calixto clarified that the proposed 300-hectare reclamation project would be
submitted to PRA for approval once the city government finds a joint venture
partner.
In a letter to PRA general manager
Peter Anthony Abaya, Calixto informed PRA that “we have initiated a process to
select a capable joint venture partner to undertake the proposed reclamation
project subject to your approval.”
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