What: Philippine developer expands retail footprint with massive mixed-use reclamation project near Mall of Asia.

Why it is important: It demonstrates the continued growth and investment in large-scale retail and mixed-use developments in Southeast Asia.

SM Prime Holdings, a major Philippine property developer, is advancing its expansion plans with the SM Smart City project, a 360-hectare reclamation development in Pasay City. The project, estimated to cost $2.6 billion (PHP150 billion), will create a mixed-use development connected to the Mall of Asia.

Hans T Sy, SM Prime's executive committee chairman, indicated that the company is open to partnerships for this project. The reclamation work is ongoing, with plans to divide the land post-reclamation and invite other developers to participate in joint ventures.

The ambitious project aims to transform the reclaimed area into a comprehensive business district featuring a mall, offices, residences, an entertainment arena, a five-star hotel, and a convention center. Hans T Sy, Jr, president of SM Engineering Design & Development Corp, expects the land portion of the reclamation to be completed by the end of next year.

SM Prime plans to complete and hand over the entire project to the Pasay City local government by 2028.

SM Prime on track to develop 360ha reclamation project in Pasay