ALI to rival SM’s Pasay reclamation project

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MANILA -- Property giant Ayala Land Inc. (ALI) has expressed interest to bid for Pasay City’s 300-hectare land reclamation project, potentially giving formidable competition to the unsolicited proposal earlier submitted by rival SM group.

 

But ALI is seeking more time to officially submit a counter-proposal to reclaim 300 hectares of land.

In a press statement issued on Wednesday, ALI said it is interested in the 300-hectare reclamation project but asked the Pasay city government for 60 more working days to study and submit a competing bid.

In a letter to Pasay Mayor Antonino Calixto, ALI said it learned of the “unsolicited proposal from SM Land” only last week when it was published as required to notify the public.

Challengers have only until November 4 to submit its counter-proposal, which ALI said was too short to develop a master plan, study its financial and environmental impact, and how to maximize the benefits to Pasay, the national government, and the public at large, among other things.

In its letter, ALI said “This will confirm our interest to submit a counter-proposal…We are the Philippines’ leading real estate developer and we are committed to be a strong partner in nation building.”

Aside from the 19 days given (October 15 being the last day of publication) till November 4, the published notice to the public also required competing bidders to have a minimum net worth of P50 billion. They also must have “undertaken and completed a similar reclamation project with an area of not less than 120 hectares preferably within the Manila Bay area.” Inquirer.net