SM Prime Holdings Inc. is hopeful that its Manila Bay reclamation project will be approved this year by the Office of the President, a company official said.
“We’ll everything has been approved. We are still awaiting the Office of the President’s approval. After that, it should be a go,” SM Prime President Hans Sy told reporters in a recent interview
SM was awarded separate contracts to reclaim and develop around 300 hectares of land each in the cities of Pasay and Parañaque in 2013 and 2014, respectively.
Sy expects the reclamation project to be approved this year by incoming administration of President-elect Rodrigo Duterte.
The master plan for reclamation project is nearly complete.
Earlier, the firm hired Aecom Technology Corp., one of the world’s top engineering companies, to draw the master plan for the 600-hectare project.
The master plan for the integrated development will feature elements similar to the Singapore reclamation project, Sy noted, saying it will also incorporate elements of New York City.
“Just because of its size, and just because it’s reclamation, it will take about five years including the entire infrastructure,” said Sy.
SM Prime will spend around $2 billion for the Manila Bay reclamation project.