SUMMARY
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MANILA, Philippines – As the November 4 deadline that Pasay City has set for the Manila Bay reclamation project nears, Ayala Land is taking steps to extend it.
In a press statement on Wednesday, October 30, Ayala Land, the real estate arm of the country’s oldest conglomerate, dangled a carrot: its capacity to turn the Pasay City into Philippines’ “most modern business, residential and recreational district.”
Ayala Land wants the deadline to submit a proposal that will challenge the P54.5-billion unsolicited bid of SM Land extended for 60 days so the Ayala group could “come up with a well thought-out development plan,” according to Ayala Land COO Bobby Dy. (READ: Ayala vs SM: Battle for Manila Bay project)
“We have spoken to a leading international engineering company, with vast experience in reclamation all over the world, and they said that it will take a minimum of two months,” Dy shared.
At stake is a reclamation project that will provide additional 300-hectare land bank at the picturesque Manila Bay. Both Ayala Land and SM Land are aggressively pursuing expansion plans to sustain their growth.
The pitch
Ayala Land is pitching a counter proposal that it claims will “make the reclaimed area the country’s model of urban and sustainable development,” Dy said.
“This project is important to the company as it presents an opportunity for us to have significant presence in the Manila Bay area, contribute to the growth and progress of the city of Pasay, and make the reclaimed area the country’s model of urban and sustainable development,” Dy stressed.
Earlier, SM Land, controlled by the country’s richest family, presented its bid to the Pasay’s Public-Private Partnership Selection Committee (PPP-SC).
Lower fee, qualifications
Aside from the extension, the property giant had also requested for the reduction of the P5-million fee to buy the bid documents.
“Document fees had never exceeded P500,000” in recent bids participated in by the firm, such as the one for the FTI property.
Ayala Land had also sought clarification for the following requirements set by the city’s PPP selection committee:
- Parties submitting a counter-proposal 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.
“Most developers in the country will not qualify given the required experience in reclamation. Without this condition, many more will be able to bid. Reclamation has been done worldwide. Developers can easily get a partner who has the expertise and technology to implement a reclamation project,” Dy added.
Rivals
Ayala Land has been reputed for its aggressive pursuit of expansion projects in the residential, commercial and office segments.
It has been in a race with SM Land for acquiring land bank across the country, from forging partnerships with the government regarding capital-intensive infrastructure projects to figuring in rivalry involving the owner of Metro Manila’s vast prime lands, a mall smack in the middle of a contested land in Taguig and another government property in Bacolod City in the south. – Rappler.com
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