SM Prime Holdings, Inc. has received the official notice from the Pasay City government to proceed with its 360-hectare reclamation project within the city’s municipal waters, the Sy-led listed company said in a disclosure on Friday.
“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,” the company told the stock exchange.
SM Prime, which described itself as one of the largest integrated property developers in Southeast Asia, said it would develop the raw land reclamation and horizontal development works as Pasay City’s joint venture partner.
In a statement, SM Prime President Jeffrey C. Lim said: “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.”
On Friday, shares in the company rose by two percent to close at P40.80 each.
“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,” the company said.
SM Prime, which ended last year with 72 malls in the Philippines and seven shopping malls in China, earlier reported an 18% growth in consolidated net income to P27.6 billion as of the third quarter. Its consolidated revenues during the nine-month period rose by 14% to P85.03 billion, while consolidated operating income grew by 17% to P41 billion.
Mr. Lim earlier said SM Prime’s recent developments and expansion programs in “progressive cities” in the country had contributed significantly to the company’s strong performance as of September.
“Our core businesses, led by the malls and residential segments, are set to sustain the strong performance as we approach the fourth quarter of the year,” he had said. — Victor V. Saulon