SM Prime readies P94-B reclamation development

Listed property giant SM Prime Holdings Inc. will start with the development of its P94 billion reclamation project in the cities of Pasay and Parañaque with a combined size of 600 hectares after getting approval from the next administration.
    

“We are still awaiting the Office of the President’s approval. After that, it should be a go,” said SM Prime President Hans T. Sy in an interview.

Sy is hopeful that the project can secure the approval of the next administration.
The President chairs the National Economic and Development Authority (NEDA) Board which reviews and approves proposed major capital projects, including reclamation projects.

“Just because of its size, just because of its reclamation, I estimate it (development) will take about five years, including all the infrastructures,” he said.

Sy noted that the world’s number one engineering company, New-York listed firm Aecom Technology Corp., has completed the master plan for the reclamation project.

“It’s a combination of Singapore and New York. We will have a large track of park in the middle of all the development that’s like New York, Manhattan,” he said.

”But the development, we will have large wide road network. We will also try to duplicate every F1-like races not immediately, but eventually,” he added.