Philippines property developer Ayala Land Inc is considering bidding for a Manila Bay land reclamation project that rival SM Land has already offered to take on for $1.3 billion.

Ayala Land, the country's biggest real estate firm, said on Wednesday it wants the government to give it another 60 working days at least to study a possible counterbid for the contract to reclaim a 300-hectare area in the bay, which is being developed into a major Southeast Asian casino and resort hub.

The deadline for bids is currently Nov. 4. Ayala said in a statement that the timeframe was "too short to develop a master plan (and) study its financial and environmental impact."

There was no immediate comment from the government authorities overseeing the project.

SM Land, owned by the Philippines' richest man Henry Sy, earlier this month made an unsolicited offer to reclaim the bay area in Pasay City, just outside the capital Manila.

SM Land is not listed but Sy's holding firm, SM Investments Corp, is merging SM Land with listed unit SM Prime Holdings Inc to consolidate its property assets.

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