SM keeps up Pasay reclamation
SM Prime Holdings Inc. will press on with its flagship Manila Bay reclamation, shrugging off global uncertainties as it keeps construction on schedule.
Hans Sy, chair of SM Prime’s executive committee, said the company had no plans to halt the 360-hectare (ha) Smart City project in Pasay City despite a challenging economic cycle.
“We should not stop,” Sy told reporters, stressing that downturns are temporary and part of the normal business cycle.
He noted that while recovery may take longer amid geopolitical uncertainties, SM Prime is positioning itself to be ready once conditions improve.
“The economic cycle goes up and down … Right now, it’s down, but it will go up again someday. By that time, we should already be finished,” he said.
Sy added that the prolonged uncertainty, including the ongoing Middle East conflict, reinforces the Sy family’s traditionally conservative approach to managing the business.
SM Prime executives echoed this stance, saying Smart City remains a priority investment and will continue to receive funding.
“This is not one of those that we will defer, because we need these projects to move forward,” the company said.
The firm added that the project is progressing on schedule, with key groundwork already completed after years of land formation.
Despite volatility in fuel prices, SM Prime said that it had secured supply early to mitigate risks to construction timelines.
“Our contractor has pre-ordered all the fuel for the next month,” the company said, noting that easing fuel prices could further support project momentum.
The company is aiming to hand over the project to the government by the third quarter of 2028.
Smart City forms part of SM Prime’s broader vision to transform a 360-ha reclaimed area along Manila Bay into a major urban hub.
Earlier, SM Prime executives said the project could rival established central business districts, such as Bonifacio Global City. There are plans for wider roads, integrated developments and potential partnerships with other property players.
Development is expected to take several years, with core infrastructure and key components gradually rolled out ahead of the project’s completion target.
Even as global risks persist, SM Prime’s decision to sustain reclamation underscores its long-term bet on the country’s urban growth and resilience.
