Sy's SM eyes P54-B Manila Bay reclamation project
MANILA, Philippines – Henry Sy-led SM Land Inc. submitted an unsolicited proposal worth P54.5 billion to the Pasay City government for the reclamation of a 300-hectare property in the city.
The offer presented to Pasay's Public-Private Partnership Selection Committee (PPP-SC) comprises the reclamation and development of the approximately 300-hectare "foreshore and onshore" Manila Bay areas within the city's jurisdiction.
Financing of the project will be shouldered by SM Land in full under a joint venture (JV) with the Pasay government, according to the proposal.
The city administration holds the authority and other related pertinent rights to the said property.
SM Land projects the development to finish in 7 years from the time of issuance of notice to proceed.
It will own 51% equivalent to 153 hectares of the reclaimed land inclusive of roads, while Pasay City will take over open spaces.
SM Land is the developer behind the SM Mall of Asia and SMX Convention Center, which are also located in the city.
City PPP-SC Chairman Dennis Bernard Acorda said they announced a notice of unsolicited proposal and invitation to submit counter-proposals and set the deadline on October 4.
Interested parties will have to fulfill the following requirements for their counter-proposals to be considered:
- They must have completed at least a 120-hectare reclamation project of their own, preferably within the Manila Bay area;
- They must have at least P50 billion in net worth;
- They must show proof from the tax bureau or banks of their ability to raise funds for the completion of the project.
An SM consortium was earlier prequalified to bid for the MRT-LRT single contactless ticketing system, a project under the Aquino administration's PPP scheme. – Rappler.com