SM Prime Receives Notice to Proceed for Pasay Reclamation Project

(06 December 2019, Pasay City, Philippines) SM Prime Holdings, Inc. (SM Prime), one of the largest integrated property developers in Southeast Asia, has officially received from the City of Pasay the Notice to Proceed (NTP) for the 360-hectare reclamation project within the City’s municipal waters. 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 turned into a vibrant business district featuring world-class mall, offices, residences, entertainment arena, 5-star hotel, and convention center.

As the City’s joint venture partner, SM Prime will undertake to develop the actual raw land reclamation and horizontal development works. The Company has finalized selection of consultants and contractors from a roster of reputable companies with proven global reclamation and dredging experience to ensure proper and responsible implementation of the project.

"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 C. Lim said.

SM Prime remains committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities, thereby enriching the quality of life of millions of people.



For further information, please contact: 

Alexander Pomento 
Vice President, Investor Relations 
SM Prime Holdings, Inc. 
Tel. no.: +632 8862 7940