SM Prime Holdings Inc., the property development arm of the Sy family’s business empire, announced it will complete the land reclamation portion of its 360-hectare Manila Bay project by the end of this year, marking a major milestone in one of the country’s most ambitious urban infrastructure projects.
In a briefing, SM Prime President Jeffrey C. Lim said the completion aligns with the company’s commitment to the Philippine national government to turnover its allocated share of the reclaimed land by 2028. “We will complete the sand filling by the end of this year and then we will start the horizontal development,” Lim said, noting that detailed master planning efforts are currently underway.
The project is being implemented by SM Prime subsidiary, SM Smart City and Infrastructure Development Corp., in partnership with the Pasay City government. Once completed, the development—situated adjacent to the Mall of Asia complex—is set to become a flagship Integrated Property Development (IPD), a format the company is increasingly pursuing.
SM Prime is also responding to shifting commercial real estate trends. With Metro Manila facing an oversupply of office space, the developer is pivoting towards regional expansion, focusing on mixed-use complexes that combine residential, commercial, hospitality, and leisure elements to stimulate local economies. “Each IPD will be masterfully designed to become a hub for commerce, leisure, tourism and community engagement,” said SM Prime chairman Henry Sy Jr.
According to Lim, the Manila Bay reclamation site will follow this IPD model, similar to the Mall of Asia complex, which the company considers its first such development. He added that other key assets, including the SM Megamall complex in Ortigas, still have development potential, such as the addition of a hotel.
The Manila Bay reclamation effort also underscores SM Prime’s commitment to regulatory compliance. SM Smart City continues to work through technical studies, environmental clearances, and design approvals required by Philippine reclamation laws.
They could start development as early as 2026, two years before the turnover to government. “We may need to start implementing some of the activities next year even if the project is not completed or turned over yet,” he said.
The strategic pivot and massive land development underscore SM Prime’s efforts to future-proof its portfolio and tap into the broader regional growth beyond Metro Manila.
