SM Prime Holdings Inc.'s (SMPH) 360-hectare SM Smart City reclamation project in Pasay City is expected to push up real estate values in the Manila Bay area, the Maybank Investment Banking Group said.
SM Prime Holdings Inc.'s 360-hectare SM Smart City reclamation project in Pasay City is expected to push up real estate values in the Manila Bay area, the Maybank Investment Banking Group said.Maybank analyst Raffy Mendoza said the reclamation project would account for 34 percent of the RNAV estimate for SMPH.In a report released last week, Maybank said it was maintaining its 'buy' call on SMPH, although it reduced its sum-of-the-parts -based target price for the stock by 0.
'Last year, we visited the Pasay City reclamation area and confirmed substantial landfill of Island AB,' Mendoza wrote in the report, adding that as of end-September, SMPH had accomplished around 75 percent of its sand placement on the island, with completion expected by the first half of 2025.
Reclamation Project Seen Lifting Land Values
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