Ayala Land vs. SM Land in 300-ha. Manila Bay reclamation project

Ayala Land Inc. is gung ho over a 300-hectare reclamation development of Manila Bay in Pasay City that was originally proposed by rival SM Land.  

 

The Ayala-led property developer wants Pasay Mayor Antonio Calixto to extend the bid deadline by at least 60 days from Nov. 4, saying it was only last week when it learned of the unsolicited proposal by SM Land and after it was published as a notice to the public.

 

“This will confirm our interest to submit a counter-proposal…” Ayala Land noted in a letter to Calixto. “We are the Philippines’ leading real estate developer and we are committed to be a strong partner in nation building,” it added.

 

The Nov. 4 deadline is too short a notice to craft a master plan that covers a feasibility study on the financial and environmental impact of the project, as well as its beneficial impact in favor of Pasay, the

national government, and the general public, Ayala Land noted.

 

SM Land proposed to reclaim and develop 300 has. from Manila Bay within the city jurisdiction of Pasay, in which the Sy-led property developer said it will invest P54.5 billion in the project.

 

Pasay City is wants other developers to submit competing proposals, saying it was an unsolicited proposal from SM Land.

 

SM Land is allotting 153 has. or 51 percent of the reclaimed area for Pasay City, including developments, according to its proposal. It expects the project to be completed in seven year. – VS, GMA News