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Parañaque endorses SM bid

By Jenniffer B. Austria | Dec. 16, 2014 at 11:50pm [ manilastandardtoday.com ]

The city government of Parañaque said Tuesday it endorsed the proposed 300-hectare reclamation project of SM Prime Holdings Inc. for government approval.

Parañaque City said in a notice published on a newspaper it submitted the project documents to Philippine Reclamation Authority for evaluation and consideration and subsequent endorsement to National Economic and Development Authority.

The project was submitted for government’s approval after Parañaque City signed on Dec. 3 a joint venture with SM Prime for the 300-hectare reclamation and development project in Manila Bay.  A notice of award was issued on the same day.

SM Prime chief finance officer Jeffrey Lim said in a text message the company already signed a joint venture agreement with Parañaque City.

“The city henceforth transmitted relevant project documents to the Philippine Reclamation Authority and the latter’s evaluation and consideration and subsequent endorsement to the National Economic and Development Authority pursuant to the Presidential Executive Order No. 146,” Parañaque City public private partnership-selection committee chairman Fernando Soriano said in a notice.

Aside from Parañaque City’s 300-hectare reclamation project, SM Prime was selected as the joint venture partner of Pasay City government for another 300-hectare reclamation project.

SM Prime said it planned to integrate the developments of the two reclamation projects, which would have a combined 600 hectares of mixed-use community to be known as the “future city.”

The company contracted AECOM, the world’s largest engineering design firm, to do an integrated master plan for over P100 billion in the Pasay and Parañaque reclamation projects.

The master plan is expected to be completed over the next three to six months.

The Wenceslao group, prior to the signing of the joint venture agreement between SM and Parañaque City, issued a statement saying it had prior right over the reclamation project based on the contract it signed with the national government through Philippine Estates Authority, the predecessor of PRA.
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