By Jenniffer B. Austria | Aug. 27,
2014 at 12:01am [ manilastandardtoday.com ]
Parañaque City has accepted the
proposal of the SM Group of tycoon Henry Sy to develop and reclaim 300 hectares
of land in Manila Bay within the city’s jurisdiction.
The public-private partnership
selection committee of Parañaque City, in a notice published in one newspaper,
said only SM Land Inc. had satisfactorily submitted a feasibility study
containing all the required components on the proposed reclamation project.
The Parañaque reclamation is the
second of such project awarded by a local government unit to the SM Group. The
Pasay City government in December last year agreed to team up with the SM group
over a proposed P54.5-billion reclamation project in Manila Bay covering 300
hectares.
SM Land has merged with SM Prime
Holdings Inc. to form the biggest property company in the Philippines.
The recommendation to accept SM
proposal gave SM Land the “original proponent” status, Parañaque said in a
legal notice. The other proponent, S&P Construction Technology Development
Corp., failed to submit a complete feasibility study despite due notice, it
added.
The Pasay committee said Parañaque
City and SM Land could now begin detailed negotiations on the terms and
conditions of the reclamation project as well as the technical and financial
aspect of the jobs.
The project will be subject to a
competitive challenge to determine the best beneficial joint venture agreement
to Parañaque, the committee said.
Other interested parties can obtain
tender documents for the competitive challenge proceedings within 30 days from
the publication of the notice.
Parañaque created the public-private partnership selection
committee in October 2013 to study the proposals and expressions of interest
made by several companies on Manila Bay
reclamation projects.
In September, SM Land submitted an
unsolicited proposal to Parañaque Mayor Edwin Olivarez on the reclamation
project, which he promptly referred to the City Council.
Two other companies, Ayala Land Inc.
and S&P Construction, wrote Olivarez to express their interest in any
reclamation project to be undertaken in the city.
The Philippine Reclamation Authority
earlier said no reclamation activity could legally proceed without the approval
of the National Economic and Development Authority board.
The acceptance by the local government
units of Parañaque and Pasay of SM group’s offer to develop and reclaim a
combined 600 hectares of land will consolidate the company’s planned
developments in the Manila Bay area.
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