Pasay rejects Ayala’s request for more time to submit reclamation plan

MANILA, Philippines – The Pasay government rejected property developer Ayala Land Inc.’s request for more time to submit a proposal for a bayside reclamation project in the city.

Ayala Land requested the city to extend the deadline for submission of proposals that will challenge the SM group’s unsolicited offer to reclaim 300 hectares of Manila Bay.

In a letter to Ayala Land corporate secretary Solomon Hermosura dated October 29, Pasay’s Public Private Partnership selection committee vice chair Atty. Severo Madrona Jr. said extending the deadline would be against NEDA joint venture guidelines, which the city adopted for the project.

“Much to our regret, we cannot grant your request for extension of time to submit counter-proposal without exposing ourselves to charges of violating or bending the rules to favor your company,” Madrona said in his letter.

The Pasay government issued an “invitation for comparative proposals” on October 1 and set the deadline for submission on November 4. Ayala Land asked that the deadline be moved 60 days.

The company wants more time to firm up its counter proposal to SM Land Inc.’s offer to reclaim 300 hectares of Manila Bay at a cost of P54.5 billion. SM Land promised to complete the project in 7 years and give 51% or 153 hectares of the area to the Pasay government.

Ayala Land said it wants to come up with a “well thought out development plan” that will transform Pasay into the country’s “most modern business, residential and recreational district.”

To do this, it said it needs more time to conduct financial and technical studies.

The two property giants have been in a race for prime assets, including a contested land in Taguig City and a government property in Bacolod City. – Rappler.com