GT Capital Holdings Inc expressed its interest to contest to top the PHP54.5-billion offer of SM Group for the 300-hectare Pasay City reclamation project. GT Capital is owned by business tycoon George Ty, according to a report published by Manila Standard Today.

Ty's holding firm is the second company to contest SM Land's proposal for the reclamation project in Pasay. Real estate giant Ayala Land had earlier asked for an extension to the deadline for the filing of counter bids but the request was rejected by the Pasay City government. All interested parties were given until November 4 to submit their counterproposals, the report said.

According to GT Capital president Carmelo Maria Luza Bautista, the company was interested in the reclamation project because it already owned a reclaimed property along Roxas Boulevard. Bautista also said the company was considering a partnership with other interested bidders for the proposed project, Manila Standard Today reported.