SM Prime gets deal for 138b peso Cebu reclamation venture

Manila

SM PRIME Holdings Inc was awarded a deal to reclaim and develop land in the central Philippine province of Cebu in a project valued at 138 billion pesos (S$4.1 billion).

The 1,500 hectare redevelopment may be completed in eight years, SM Prime executive vice-president Jeffrey Lim said on Friday. Adelino Sitoy, mayor of the town of Cordova, confirmed the venture with SM Prime, subject to the approval of President Benigno Aquino.