SM Investments Corp. has renamed its 60-hectare reclaimed property in Pasay City fronting the Manila Bay as Mall of Asia Complex.

The Mall of Asia Complex is earmarked for the development into an alternative business district and was included in the master plan for the development of offices, an exhibition and convention center, a row of hotels facing the Manila Bay, a sports arena and a commercial ferry terminal. It is now home to the SM Mall of Asia, one of the world’s 10 largest malls, and the corporate offices of SM Investments and its subsidiaries.

Ongoing projects include the SMX Convention Center , the country’s largest exhibition and convention center, and the OneE-com Center, a 70, 000 square meter office building suited for business process outsourcing companies. Business operations in both building swill start in the fourth quarter of this year.

Two hotels will rise in the area in the next 12 to 24 months, one of which has 350 to 400 rooms and the other, Microtel Inn and Suites will have 150 rooms.