SM Prime targets to finish Pasay reclamation by yearend

LISTED property developer SM Prime Holdings, Inc. is targeting completion of land reclamation for its integrated development in Pasay City by yearend.

“We will complete the sand filling by the end of this year, and then we will start the horizontal development after that,” SM Prime President Jeffrey C. Lim said during a recent media briefing in Pasay City.

“We are finalizing the master plan to allow infrastructure works to begin as soon as possible,” he added.

Mr. Lim said the master plan is expected to be finalized within the first half of this year, while horizontal development will begin in 2027.

“Documentation for titling is in progress, and as planned, with full project handover to the national government and the Pasay City local government unit (LGU) targeted for 2028,” he said.

In a separate briefing, SM Investments Corp. (SMIC) President and Chief Executive Officer Frederic C. Dybuncio said 60% of the land development for the reclamation project had been completed as of last year.

SMIC is the parent company of SM Prime.

The project is a 360-hectare mixed-use development undertaken by SM Prime and the Pasay City LGU. It will be connected to the Mall of Asia Complex.

SM Prime received the notice to proceed with the reclamation project from Pasay City in 2019.

“It will have smart-city and climate-resilient features to enhance livability, improve mobility, and create value that lasts beyond the present generation,” Mr. Lim said.

For the first quarter, SM Prime posted an 11% increase in attributable net profit to P11.7 billion, as total revenue rose by 7% to P32.8 billion on higher rental income, revenue recognition of real estate sales, and other revenue.

SM Prime shares were last traded on April 30, higher by 6.33% or P1.45 at P24.35 apiece. — Revin Mikhael D. Ochave