Ty-led GT Capital ‘interested’ in Pasay reclamation project

GT Capital adds it is now seeking partnerships with other companies eyeing the project - SM Land and Ayala Land

MANILA, Philippines – Another top conglomerate expressed interest in the controversial 300-hectare Manila Bay reclamation project in Pasay City.

“We are very much interested in the project. We wrote Pasay City Mayor Antonino Calixto to express our interest in the project,” said GT Capital Holdings president Carmelo Bautista. GT Capital is owned by tycoon George Ty, the Philippines’ 9th richest person, according to a list by Forbes Magaziine.

Bautista said GT Capital already owns a 30-hectare reclaimed property along Roxas Boulevard, near the planned Pasay reclamantion project.

Bautista added that the company is eyeing possible partnerships with other groups that are keen on the project: SM Land Inc. and Ayala Land Inc. (READ: Ayala vs SM: Battle for Manila Bay project)

SM Land submitted an unsolicited P54.5-billion proposal to reclaim 300 hectares of Manila Bay. The Pasay government imposed a November 4 deadline for other companies to give counter-proposals.

Ayala Land asked for a 60-day extension so that it could “come up with a well thought-out development plan,” but its request was rejected by the local government.

Ayala Land, in the meantime, raised concerns over the bidding process, arguing that joint venture guidelines allow for a 120-day period for submission of competing proposals. It also pointed out that an ad released by the Philippine Reclamation Authority indicated a government project was eyed to be constructed on the property.

The Pasay government later on decided to postpone the award to take into consideration the issues raised and in light of relief efforts following the onslaught of Typhoon Yolanda (Haiyan), according to reports.

Bautista said GT Capital supports Ayala Land’s request to delay the project bidding schedule. – Rappler.com

Add a comment

Sort by

There are no comments yet. Add your comment to start the conversation.