Ayala, GT Capital ready to challenge SM for Manila Bay project

Ayala Land and a company owned by Metrobank’s George Ty said they’re interested in challenging SM Prime’s Manila Bay reclamation project in Paranaque.

Paranaque City councilor Rufino Allanigue identified the two groups, but didn’t specify the name of the Ty company.

Metrobank parent GT Capital also owns developer Federal Land.

Ayala Land president Bobby Dy confirmed the news about his company.

Just last week, Paranaque said it reached an agreement with SM Prime Holdings on the P50-billion, 300-hectare project, giving other developers until Monday to say they’re interested and January 5 to submit their counter proposals.

The Paranaque official said a committee of city officials will meet tomorrow to discuss the offers then submit the project to the Philippine Reclamation Authority (PRA).

The PRA has said the SM Group’s Paranaque reclamation project doesn’t have government approval just like the company’s proposal in neighboring Pasay.

Ayala and others protested the Pasay project, which is now in limbo.

The PRA said it and NEDA have sole authority over all reclamation projects. – report by Faiqah Dianalan, ANC