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SM Prime gets approval for 90B-peso reclamation project

SM Prime Holdings Inc. clarified that its recently approved 360-hectare reclamation project in Pasay City in the Philippines will cost about 90 billion Philippine pesos.

The company was clarifying a Dec. 6 Manila Bulletin report that said the project will cost 54 billion pesos.

The publication also reported that SM Prime was pursuing a 50 billion pesos reclamation project covering 300 hectares in the Parañaque portion of Manila Bay in connection to the Pasay City project.

SM Prime said it cannot comment on the cost of the Parañaque project yet as it is still pending final approval.

As of Dec. 9, US$1 was equivalent to 50.86 Philippine pesos.