Philippine property developer SM Prime Holdings is on track to expand its footprint as it continues to develop more retail centres, including SM Smart City, a 360ha reclamation project within Pasay City.
The budget for the project is estimated to be worth $US2.6 million(PHP150 billion) and will be used to build a mixed-use development connected to the Mall of Asia, where portions of the bay’s waterfront — known for its beautiful sunsets — will be reclaimed with land.
SM Prime executive committee chairman Hans T Sy said there are already ongoing talks for possible partnerships.
“What we’re doing right now is basic reclamation,” he continued. “We’ve started some negotiations already. It is not something that we will do by ourselves. We definitely have to join with other people.”
Sy said the land would be divided post-reclamation, where the company will open joint venture opportunities.
“We would have this big case of land, then we will invite some other developers to join up and then do the development,” he added.
SM Engineering Design & Development Corp president Hans T Sy, Jr said the land portion of the reclamation project is estimated to be finished by the end of next year.
The company plans to turn the reclaimed area into a business district featuring a mall, offices, residences, an entertainment arena, a five-star hotel and a convention centre.
“Our timetable right now is that we should see the completion of the land by the end of next year, hopefully, and then we still have some infrastructure work that needs to be done,” he said.
“That’s just land. You might see some roads, but it’s just the base property. Today, what we see is about 100 hectares.”
SM Prime is set to complete and hand over the project to the Pasay City local government by 2028.
