(12 December 2008. Pasay City, Philippines.) SM Investments Corporation (“SM”) reported today that its property subsidiary SM Land, Inc. will pursue the transformation of the 60-hectare Mall of Asia Complex into a world-class business and entertainment hub fronting the famous Manila Bay. The plan runs in line with the group’s thrust into tourism development as SM develops other projects such as Hamilo in Batangas and a chain of high-end and boutique hotels, and convention centers throughout the country.
SM Vice Chairman Henry Sy, Jr. said, “We believe in the country’s strong potential in tourism. As such, SM will be at the forefront in providing much-needed infrastructure and facilities for more tourists to enjoy the country’s scenic destinations, while experiencing the warmth of Philippine hospitality.”
The entertainment hub will have on its plate a number of hotels fronting the Manila Bay to be operated by leading international hotel chains like the Radisson and the luxury Regent brand. It will also include high-end retail establishments, a mega structure that will be operated by an international casino operator, and a theater for the performing arts. There will also be a residential component and a ferry terminal that will directly link the Mall of Asia Complex with SM’s Hamilo project. The recent provisional license granted by PAGCOR marks the start of the
development of the entertainment hub which will be executed over the medium term.
Source: SM Investments Press Release
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