MANILA, Philippines – The SM Group owned by the Sy family has taken a step closer to executing its reclamation project worth 100 billion pesos, labeled as Future City. Future City will be established in a property of 600 hectares covering cities of Parañaque and Pasay.
According to sources, recently, the SM Group acquired an Environmental Compliance Certificate, which is required to begin with the project.
The conglomerate expects the project to start in mid-year.
As per Philippine Reclamation Authority’s (PRA) close source, having issued with an Environmental Compliance Certificate means it is almost approved by 90 percent. PRA is a government office which is responsible for Philippine reclamation projects.
The SM Group is still finalizing the requirements, sources mentioned.
A source told a news publishing company that there are clauses in the ECC that need to be complied with. Thus, they are in a stage wherein technical planners, as well as dredging experts, have been hired. They expect the project to start mid-year.
The reclamation project worth 100 billion pesos is a 600-hectare integrated development which is visualized to have complete amenities comparable to a city. These include residential and commercial components.
Earlier, the SM Group contracted Aecom Technology Corporation for the master planning of the project. Aecom Technology Corporation is a firm listed in New York and is among the world’s largest companies in the field of engineering.
The Future City project comprises the development and reclamation of approximately 600-hectare land covering cities of Pasay and Parañaque.
The entire project is estimated to reclaim the land for about 3 to 5 years, as stated by sources.
The Mall of Asia complex located in Pasay is a 100-hectare property; it is regarded as one of the world’s biggest malls. The development of the mall started in the early 1990s, but it was only in 2006 when Mall of Asia opened.
According to the Philippine Reclamation Authority, the costal bay project in Las Piñas-Parañaque comprises the reclamation of Manila Bay’s shallow parts southwest of Manila.
Under its jurisdiction, Las Piñas City has 431.71 hectares. On the other hand, Parañaque City has 203.43 hectares.
The project of 635.14 hectares in size is planned to be a residential, educational, commercial, and industrial zone and government center. It is bordered by the Asiaworld Properties and the municipality of Bacoor, Cavite, in the north and south, respectively, according to PRA.