SM Prime gets approval for 360-hectare reclamation project

MANILA, Philippines – The Pasay City local government has officially given the go-ahead for SM Prime Holdings to proceed with the 360-hectare reclamation project in the city.

In a disclosure to the Philippine Stock Exchange on Friday, December 6, SM Prime said that it got the notice to proceed to reclaim land and connect it with the already massive Mall of Asia (MOA) Complex. 

MOA is another reclamation project done in partnership with the Pasay City government.

The joint venture agreement specifies that SM Prime will develop the actual raw land reclamation and the structures on it. SM Prime did not specify the cost of the project.

The company said it has finalized the selection of consultants and contractors from a roster of reputable companies with expertise in reclamation and dredging.

"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,” SM Prime President Jeffrey Lim said.

SM Prime is also eyeing other reclamation projects in Parañaque City and Manila Bay. – Rappler.com

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.

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