August 22, 2025 | 12:00am
MANILA, Philippines — SM Prime Holdings Inc., the listed built-in property developer of the Sy household’s SM Group, is about to unveil this 12 months the grasp plan for its ongoing reclamation undertaking in Pasay.
The reclamation undertaking, referred to as Pasay 360, is considered SM Prime’s most transformative built-in property improvement, supposed to be developed into an city property that fuses connectivity, sustainability, livability, tourism and commerce.
“Relaxation assured that we’re working towards a proper unveiling of this grasp plan throughout this second half of 2025,” SM Prime chief finance officer John Nai Peng Ong mentioned.
“This is able to mainly be a mixed-use proposition. It’s a mixed-use of business retail. There can be a residential element. I feel the important thing level actually right here is to take a look at the retail element and the experiential issue that we are able to put into place and that might deliver forth the fantastic thing about this reclamation or coastal improvement undertaking,” he mentioned.
The reclamation undertaking is a 360-hectare improvement that SM Prime is endeavor with the native authorities of Pasay.
SM Prime formally obtained discover from town of Pasay to proceed with the undertaking in 2019.
As town’s three way partnership accomplice, the corporate will develop uncooked land reclamation and horizontal improvement works.
Ong mentioned the coastal land growth is presently 76 % full.
“We do count on and we’re working towards finishing this portion, the sand placement and dredging section, by the tip of this 12 months,” he mentioned.
SM Prime has allotted P25 billion this 12 months for the continued reclamation undertaking, of which P20 billion has been spent up to now.
SM Prime chairman Henry Sy Jr. earlier mentioned that the reclamation undertaking would showcase the corporate’s experience and expertise in constructing built-in property developments, noting that it might embrace hospitals, colleges, universities, a museum and conference heart.
In the meantime, Ong mentioned that SM Prime’s deliberate actual property funding belief (REIT) providing continues to be on the desk, however it’s unlikely to occur even subsequent 12 months.
“The plan when it comes to having a REIT continues to be there. However we’ve to be upfront to say that when it comes to timing, we’ve to defer the deliberate REIT. As a substitute of developing with a REIT in 2026, we could need to defer it a bit. We’ve got to take note of market situations in addition to liquidity available in the market,” Ong mentioned.
“So whereas the view on REIT continues to be there, however the timing could need to be deferred past the 12 months 2025 and I feel, personally, even past 2026,” he mentioned.
SM Prime determined to postpone the agency’s REIT preliminary public providing final 12 months given the rate of interest surroundings and market volatility.
The corporate beforehand mentioned that it might revisit its deliberate $1 billion REIT itemizing this 12 months, however famous that pushing by with the providing would additionally rely upon the corporate’s want to lift funds.