Property giant SM Prime Holdings is all set to proceed with a much-awaited 360-hectare reclamation project in Pasay, in line with its plan to build a new central business district (CBD) along the Manila Bay area.
SM Prime officially received from the City of Pasay the notice to proceed with the reclamation project within the city's municipal waters, the company disclosed to the Philippine Stock Exchange on Friday.
This new reclamation project in Pasay City will be connected to the Mall of Asia (MOA) complex, which is also a reclaimed-land project of both parties, and has since then been developed into a thriving estate with a massive shopping mall, offices, residences, entertainment arena, five-star hotel, and convention center.
"We have complied with all the requirements of national agencies and secured all the required permits and clearances to enable SM Prime to commence with the reclamation project. We expect thousands of job opportunities to be generated in the process, and to also contribute significantly to both local and national development," SM Prime president Jeffrey Lim said.