Ayala to counter Sy's Manila Bay land bid

[MANILA] Ayala Land Inc, the largest Philippine builder by market value, plans to counter billionaire Henry Sy's offer to reclaim prime land along Manila Bay for development.

Ayala Land has asked the local government for an extension of the Nov 4 deadline to submit competing bids, the Manila-based builder said yesterday. "This will confirm our interest to submit a counter proposal," Ayala Land said.

Mr Sy's SM Land Inc, rivalling Ayala Land as the nation's biggest developer, made an unsolicited offer of 54.5 billion pesos (S$1.6 billion) to the Pasay City government this month for the 300 ha reclamation project. The offer comes amid scarcity of large plots for development in the area comprising the capital and its neighbouring cities, known as Metropolitan Manila, which accounts for 36 per cent of the US$250 billion Philippine economy.