Property developer SM Prime Holdings Inc. (SMPH) said it is making significant headway in its 360-hectare reclamation project in Pasay City, with full project completion expected before the end of the year, the company said.
SMPH president and chief executive Jeffrey Lim told a recent press briefing that sand pouring was 60 percent complete as of end-December 2024, with full land development slated for completion before year-end. Horizontal development, including roadworks, drainage, and other basic infrastructure, will follow immediately.
Lim said the masterplan for the project would also be finalized in the first half of the year, while the company continues to process the required land titling documents.
“The full project handover to the national government and the Pasay City local government remains on track for 2028,” Lim said.
The project will be the company’s flagship integrated property development. Major components within the Pasay reclamation project include hospitals, residential areas, schools, universities and a museum.
The development is envisioned to become the next central business district and will be larger than the 240-hectare Bonifacio Global City in Taguig, which is being developed by Ayala Land Inc.
SMPH also plans to sell lots within the reclamation project to other real estate developers to fast-track the area’s development.
The property firm earlier allotted P150 billion to fund the reclamation project.
SMPH was awarded the 360-hectare Pasay reclamation project in 2019. The company then contracted AECOM, the world’s largest engineering design firm, to create an integrated master plan for the project.
The project will be connected to the 60-hectare Mall of Asia complex, a vibrant business district featuring a world-class mall, offices, residences, an entertainment arena, hotels and a convention center.
The project is also intended to expand Pasay City’s land area for economic activities, potentially generating significant tax revenues and job opportunities for residents.
