SM Prime Holdings Inc., one of the biggest integrated property developers in Southeast Asia, officially bagged the 360-hectare Pasay reclamation project.
SM Prime said in a disclosure to the stock exchange Friday it received from Pasay City a notice to proceed with the proposed reclamation project within the city’s municipal waters.
“We have complied with all the requirements of national agencies and secured all the required permits and clearances to enable SM Prime to commence with the reclamation project. We expect thousands of job opportunities to be generated in the process, and to also contribute significantly to both local and national development,” said SM Prime president Jeffrey Lim.
The planned reclamation project in Pasay City will be connected to the Mall of Asia Complex, which is also a project of both parties and has turned into a vibrant business district featuring world-class mall, offices, residences, entertainment arena, 5-star hotel and convention center.
As the Pasay City’s joint venture partner, SM Prime will develop the actual raw land reclamation and do horizontal development works. The company has finalized the selection of consultants and contractors from a roster of reputable companies with proven global reclamation and dredging experience to ensure proper and responsible implementation of the project.
SM Prime in 2014 bagged the 300- hectare Pasay reclamation project. It committed at that time to spend a little over P50 billion for the project.
Aside from the Pasay reclamation, SM Prime also has a pending 300-hectare Parañaque reclamation project worth over P50 billion.
The property firm had contracted AECOM, the world’s largest engineering design firm, to do an integrated master plan on the two projects.
SM Prime reported a nine-month net income of P27.60 billion in the first nine months of the year, up 18 percent from P23.44 billion year-on-yer.
Nine-month consolidated revenues rose 14 percent to P85.03 billion from P74.56 billion a year ago.
Consolidated operating income rose 17 percent to P41.00 billion from P34.91 billion on year.
Share price of SM Prime on Friday rose two percent to P40.80.