“Pasay has nothing to lose and everything to gain,” a top official of property giant Ayala Land Inc. (ALI) said regarding the company’s request to the Pasay City government to extend the deadline for the submission of counterproposals to reclaim 300 hectares of land from Manila Bay.
ALI has asked Mayor Antonino Calixto of Pasay City to extend by 60 working days the November 4 deadline for the submission of counterproposals to the unsolicited proposal of the Henry Sy-led SM Group involving the reclamation of 300 hectares from Manila Bay.
“Pasay has nothing to lose and everything to gain if other interested companies are given more time to study the project and submit their counterproposals,” Bobby Dy, ALI chief operating officer, said.
“We believe it is reasonable to request for a 60-day extension in order to prepare plans for a project of this size and scale,” he added, specifying that the company only wants to make sure that it will come up with a comprehensive masterplan for the project.
According to Dy, the reclamation project is important to ALI as it presents an opportunity for the company to have significant presence in the Manila Bay area.
However, Dy said that ALI’s plans will still depend on detailed financial and technical studies that would take time to finish.
“We have spoken to a leading international engineering company, with vast experience in reclamation all over the world, and they said that it will take a minimum of two months to come up with a well thought-out development plan,” Dy said.
“Reclamation has been done worldwide. Developers can easily get a partner who has the expertise and technology to implement a reclamation project,” he added.
Also, the published terms required counterbidders to have at least P50 billion in net worth and must have reclaimed 120 hectares preferably in the Manila Bay area.
“Most developers in the country will not qualify given the required experience in reclamation. Without this condition, many more will be able to bid,” Dy said.
Among the prime mixed-use communities that were developed by the company are the Makati Central Business District, Ayala Alabang, Cebu Park District, Bonifacio Global City and Nuvali.
Next in ALI’s pipeline are Arca South—the former Food Terminal Inc. property, Vertis North in Quezon City, Circuit Makati (the former Santa Ana racetrack) and the 1,000-hectare Alviera in Pampanga.