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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