Future Development of MANILA BAY AREA - SM Prime Holdings Inc., the biggest property developer, plans to integrate the development of two reclamation projects with a combined 600 hectares into a mixed-used community in a bid to create what it calls the “future city.” SM Prime president Hans Sy said in an interview Monday at the sidelines of the company’s P20-billion bond listing that the company has tapped the services of AECOM, the world’s largest engineering design firm, to draw up an integrated master plan for the Pasay and Parañaque reclamation projects that could cost a combined P100 billion. “Preferably, we would have the developments to be integrated. We are trying to build a future city there,” Sy said. Sy expects the master plan to be completed over the next three to six months. The master plan, Sy said would include the planned mixed-use projects to be built within the area and take into account environmental and traffic issues. He said the company decided to venture into reclamation projects because of the dense population of Metro Manila. “If we do any major acquisitions and development it will really affect the whole [of Metro Manila], so we would rather build a totally new one and be able to build and put in place new systems,” Sy said. He did not reveal the components of the planned “future city” but hinted it would be totally different from the company’s existing developments. SM prime executive vice president Jeffrey Lim said both reclamation projects would need government approvals. He said the cities of Pasay and Parañaque, which chose the SM Group as the private sector contractor of their respective reclamation projects, would secure the required approvals from government agencies. “The cities would have to secure all necessary approvals before we can start with the developments,” Lim said. The SM Group in December last year was awarded the 300-hectare reclamation project of Pasay City worth P54.5 billion. Parañaque City last week accepted the proposal of the SM Group develop and reclaim 300 hectares of land in Manila Bay within the city’s jurisdiction. SM group is currently developing the 60-hectare Mall of Asia Complex in Pasay City. SM Prime plans to spend P400 billion in capital expenditures from 2014 to 2018 as it aims to double its net income and revenues over the next five years. The public-private partnership selection committee of Parañaque City, in a notice published in one newspaper last week, said only SM Land Inc. had satisfactorily submitted a feasibility study containing all the required components on the proposed reclamation project. source: manilastandardtoday/2014/09/02/-future-city-to-rise-in-bay-area-says-sm/
Posted on: Mon, 29 Sep 2014 15:30:03 +0000
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