Paranaque submits SM reclamation project for PRA approval

ABS-CBN News

Posted at Dec 16 2014 07:23 PM | Updated as of Dec 17 2014 03:50 AM

MANILA, Philippines - SM Prime Holdings' proposed 300-hectare reclamation and development project in Manila Bay has been submitted by Paranaque City to the Philippine Reclamation Authority (PRA) for approval.

Paranaque City published a notice on a newspaper, saying it has submitted the project documents to the PRA for "evaluation and consideration, and subsequent endorsement to National Economic and Development Authority.

"The City henceforth transmitted relevant project documents to the Philippine Reclamation Authority and the latter's evaluation and consideration and subsequent endorsement to the National Economic and Development Authority pursuant to the Presidential Executive Order No. 146," Paranaque City Public Private Partnership-Selection Committee chairman Fernando Soriano said in the published notice.

Last December 3, the Paranque City government signed a joint venture agreement with SM Prime for the reclamation and development project. The notice of award issued on same day.

SM Prime chief finance officer Jeffrey Lim confirmed the company has already signed a joint venture agreement with the Paranaque City government.

SM Prime also has another 300-hectare reclamation project in Manila Bay, but in the territory covered by Pasay City. SM Prime was also selected as the joint venture partner of Pasay City government for the project.

SM Prime had earlier said it is planning to integrate the 2 reclamation projects for a 600-hectare mixed-use community which it calls a "future city."

It has contracted the world's largest engineering design firm AECOM to come up with an integrated master plan for the Pasay and Paranaque reclamation projects, which are estimated at P100 billion.