Pasay 360 project on schedule – SM Prime

SY family-led integrated property developer SM Prime Holdings Inc. is on schedule to complete the horizontal building of its Pasay 360 project — its largest and most ambitious integrated property development so far — by end-2025.

SM Prime President Jeffrey Lim gave an update on the progress on the project and how it fits into the company's broader expansion and sustainability strategy.

"Pasay 360 is our most ambitious integrated property development to date," Lim said. "We are on track to complete horizontal building by end-2025, and in parallel, we are finalizing the master plan to allow infrastructure works to begin as soon as possible," he told shareholders at the company's annual general meeting last Tuesday.

Lim said that documentation for the titling was already in progress and as planned, with full project handover to the national government and the local government unit (LGU) of Pasay City targeted for 2028.

"Based on the contract, we are scheduled to turn over to the national government and the Pasay LGU by 2028. So, we will complete the sand filling by the end of this year and then we will start the horizontal development after that," Lim told a media briefing.

The start of developments over the new area will proceed after the masterplan is finalized, he added.

"If we are able to complete all of this before the end of the year, then we may need to start doing some of the activities or the masterplan starting next year, even if the project is not completed or turned over yet. [It's a] parallel [development]," he noted.

Meanwhile, SM Investments Corp. President and CEO Frederic Dybuncio said that as of end-2024, 60 percent of the land development for the 360-hectare project had been completed. "This is expected to be fully completed in the near term, to enable horizontal development to begin in 2027," he said.

SM Prime last Tuesday reported a net income of P11.9 billion for the first three months of 2025, up 11 percent from P10.7 billion in the same period last year. It said the strong result was driven by steady revenue growth, improved margins, and disciplined cost management.

Revenues for the quarter rose 7 percent year on year to P32.8 billion, driven by strong rental income, revenue recognition from real estate sales, and other revenues.

SM Prime shares closed on Wednesday 6.33 percent higher at P24.35 apiece.