SM Prime granted Pasay reclamation project

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Metro Manila (CNN Philippines, December 6) — Integrated property developer SM Prime Holdings, Inc. has been granted a large land reclamation project in Pasay City.

SM Prime has received its notice to proceed with the 360-hectare reclamation project from the city government, it announced in a disclosure at the Philippine Stock Exchange.

"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," SM Prime President Jeffery Lim said in a disclosure.

The project will be connected to the Mall of Asia Complex, also built on reclaimed-land, to turn into another business district.

SM Prime will be in charge of the actual land reclamation and construction.