Posted on January 24, 2016
08:15:00 PM
By Krista A. M.
Montealegre, Senior Reporter [ bworldonline.com ]
SM PRIME Holdings, Inc.
expects its massive land reclamation deals with the cities of Pasay and
Parañaque to hurdle all regulatory approvals next year, a company official said
last week.
SM Prime Commercial
Properties Group Senior Vice-President David L. Rafael told reporters last week
the firm is set to present the master plan to the two local government units,
which will then endorse it to the Philippine Reclamation Authority for
approval.
SM Prime must secure all
the permits from the government, the last of which will come from the National
Economic Development Authority Board chaired by the President, before it can
proceed with the development of the reclamation projects.
A new administration is
expected to give the projects’ final approval, as President Benigno S. C.
Aquino III is scheduled to step down from office in June.
“Siguro by 2017 okay na
’yan. Plantsado na naman lahat (Hopefully by 2017 it will be okay. Everything
is ironed out),” Mr. Rafael said.
“It’s for the benefit of
everyone. It’s going to mean progress, more jobs, more taxes. How can anyone
oppose it?” he added.
The cities of Pasay and
Paranaque, in 2013 and 2014 respectively, both awarded to the SM Group separate
contracts to reclaim and develop around 300 hectares (ha) each in Manila Bay
under their jurisdiction for P54.5 billion and P50.19 billion, respectively.
The company will spend over
P100 billion for the reclamation and development of the two huge parcels of land,
SM Prime President Hans T. Sy had said.
SM Prime will release the
master plan prepared by US-based engineering and architectural firm Aecom for
the 600-ha integrated project after obtaining government clearance.
The master plan
incorporated more open space, which will account for 30% of the entire
development, and focused on the transportation aspect of the project, Mr. Sy
had said.
The SM Group last year won
another reclamation deal, a P138-billion 1,500-ha project in Cordova, Cebu.
Meanwhile, SM Prime plans
to transform the old Paskuhan Village in San Fernando, Pampanga into a
mixed-use development after buying the 9.7-ha property last year, Mr. Rafael
said.
The project may incorporate
residential and commercial components, but it may no longer house a shopping
mall since it is located right across SM City San Fernando, he added.
The real estate firm had
purchased the land from the Tourism Infrastructure and Enterprise Zone
Authority at P10,000 per square meter.
Also, the company will
unveil the Acapulco Manila Galleon Trade Museum at the SM Mall of Asia in Pasay
City in the second half of the year, Mr. Sy told reporters last week.
“We will try to revive the
whole history of the galleon trade. We’re still in the final stage of coming up
with the replica of the first galleon ever built in the Philippines,” Mr. Sy
said.
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