By Richmond S. Mercurio (The Philippine
Star) | Updated November 23, 2015 - 12:00am
MANILA, Philippines - The Philippines
would need more reclamation projects and the government would have to be more
supportive of such developments for the country to continue progressing in the
coming decades, a top executive from one of the largest integrated property
developers in Southeast Asia said.
In a chance interview, SM Prime Holdings
Inc. chairman Henry Sy Jr. slammed the country’s bureaucracy for the delays
hounding the reclamation and development of a combined 600 hectares of land
along Manila Bay.
“The government is taking their sweet
time. But definitely we have to move on,” Sy said, referring to SM’s P100
billion reclamation project in Pasay and Parañaque which are awaiting final
approval from the National Economic and Development Authority.
“The country needs reclamation for
progress. We cannot be stymied by government bureaucracy,” Sy said.
SM Prime bagged last year contracts to
reclaim and develop 300 hectares each in the cities of Pasay and Parañaque.
SM Prime intends to integrate
development of the two areas in what it
expects to become a “future city.”
The firm has contracted New-York listed
firm Aecom Technology Corp., one of the world’s largest engineering companies,
for the project’s master planning.
“It will come out but we still don’t
know when,” SM Prime executive vice president Jeff Lim said on the release date
of the masterplan.
Aside from the Pasay and Paranaque
projects, SM Prime also won a deal to reclaim and develop 1,500 hectares in
Cordova, Cebu.
When asked if the company is still
looking out for more land to reclaim in the country at present, Sy said “those
two are enough for now, they are still unfinished.”
Meanwhile, Sy said SM Prime’s
wholly-owned residential developer SM Development Corp. (SMDC) is ramping up
its expansion next year on continued strong demand in the country’s residential
property market.
Sy said SMDC intends to launch between
five to 10 projects next year.
“SMDC, we’re into everything now, even
mid-rise. In the past, we sell around 15,000 units every year but by next year
it should grow to 20,000 units,” he said.
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