Eyeing to take part in the battle for the 300-hectare reclamation project along Manila Bay, George Ty’s GT Capital Holdings Inc. indicated that it is open to a partnership with local and foreign companies.
The Pasay City Public Private Partnership Selection Committee announced in a public notice last month that Henry Sy’s SM Land Inc. submitted an unsolicited proposal regarding the development of a 300-hectare property that will be reclaimed from Manila Bay. SM Land quoted a project cost of P54.5 billion.
Besides GT Capital, another company that has expressed its interest to join the bidding for the Pasay project is property giant Ayala Land Inc. (ALI), which recently sought the Pasay City government’s approval to extend the deadline for the submission of a counter proposal.
GT Capital President Carmelo Maria Luza Bautista said in an interview with reporters that the group has started discussions with potential partners for the project, and if ever there would be a need to partner with a local big real estate group for the reclamation project, GT cap will openly consider it.
“Pwede naman paag-usapan, di naman kailangan mag-compete, ang laki-laki nung property [We can talk about it. We really don’t have to compete, the property is too big to develop it for yourself],” he said.
“And if you look at our business model, we really thrive on partnerships,” Bautista added.
After ALI, GT Capital was the next listed conglomerate to express its interest on the reclamation project, and is also waiting for the Pasay City government’s decision to extend the submission of counter proposal to SM Land’s unsolicitied proposal.
“We’re waiting for guidance from the local government. We definitely bought materials, the terms of reference, we wrote to Pasay City Mayor [Antonino] Calixto formally indicating our interest, but they have to go through the process. We’re waiting for the guidance. Similar to what Ayala Land said, you can’t turn around a proposal in such a short span of time,” Luza said.
Should GT Capital win the bidding for the Pasay reclamation project, Luza said that the group plans to establish a commercial mixed-use community in the property, same as what the company did in its previous undertakings.
Meanwhile, Luza said that GT Capital is on track to hitting its P9.5-billion consolidated net profit target for yearend 2013.